Hearts Safe for Now After SPL Decide no Insolvency Event Against Parent Company UBIG

May 20, 2013

Hearts will remain in the Scottish Premier League (SPL) after the league decided there was a lack of evidence to punish the club after their parent company declares its insolvency.

Lithuanian company ?kio Banko Investicin? Grup? (UBIG) had been listed on a government site of insolvent companies, impotent leaving Hearts with the possibility of an 18 point deduction and relegation to the First Division.

However, look the SPL board met on Monday to decide whether UBIG’s financial status was an ‘Insolvency Event’ and have since decided there is not enough information to dock Hearts.

A statement read: “The SPL board met today to consider reports from Lithuania in respect of ?kio Banko Investicin? Grup? (“UBIG”).

“The board are not satisfied, on the basis of information currently available to it, that an Insolvency Event (as defined by SPL Rules) occurred in respect of UBIG during season 2012/2013.”

If UBIG’s insolvency is later formalised, Hearts could however start the following season in the First Divison.