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Tuesday, 3 December 2013

Hearts CVA approved by creditors

As mentioned previously, the Scottish football club had recently postponed a meeting with creditors to discuss using a CVA. Having suffered financial difficulty for some time, it’s now been revealed the CVA has been approved by creditors, including Ukio Bankas. However, the CVA still depends on whether the club can obtain 50% shares held by UBIG as well as agree to an appropriate sale arrangement

The fanbase, Foundation of Hearts, have put in a bid to become the largest shareholder of the club and they believe the CVA will bring Hearts out of administration. BDO have been appointed administrators, commenting, ‘this is a good result for Hearts but we clearly have some way to go before this deal is concluded.’

For more information on CVAs and how they can turn your struggling business around, click here:

1 comment :

  1. Aptly demonstrates the complexities of these football club insolvencies - it tends to be the fans that lose out and in some clubs, the farce goes round and round several times, such as with Portsmouth.


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