BusinessBusiness RecoveryBDO administrators called to Heart of Midlothian FC

BDO administrators called to Heart of Midlothian FC

Secured creditor request for BDO administrators sees firm take appointment over board’s request for KPMG practitioners

BDO administrators called to Heart of Midlothian FC

BDO ADMINISTRATORS have been called to Scottish football club Heart of Midlothian FC.

Bryan Jackson, Trevor Birch (pictured) and James Stephen, partners at BDO, were appointed joint administrators of the Scottish side yesterday.

The board of Hearts had requested KPMG administrators take the appointment. However, the Court of Session in Edinburgh appointed BDO administrators, following requests from the largest creditor’s administrator AB Ukio Bankas.

AB is a secured creditor and is a Lithuanian commercial bank. On 7 June the Court of Appeal of Lithuania allowed bankruptcy proceedings against the bank to commence, with Gintaras Adomonis from Valnetas UAB nominated as the bankruptcy administrator, the Wall Street Journal reports.

Jackson said: “We will now undertake an urgent examination of the company’s records prior to making any further announcements.

“We are acutely aware of the need for speed in this process given the uncertainty of the last few weeks and the proximity of the season’s start. We will be talking to all the parties that have shown interest in the club in order to find a resolution as quickly as possible.”

Football clubs that enter administration are docked nine points for every season they are in the insolvency process. The season in Scotland is due to start on 3 August.

Jackson and Birch, both part of PKF prior to its merger with BDO, were recently the administrators for Portsmouth FC. That football club entered administration for the second time in two years in February 2012 – the administrators, including Ian Gould, announced its sale in April.

The BBC reports that Hearts owes Lithuanian investment company UBIG £10m, AB Ukio Bankas £15m and has a number of outstanding tax liabilities.

Related Articles

EY hired by Carillion to review finances

Accounting Firms EY hired by Carillion to review finances

3m Alia Shoaib, Reporter
Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

Business Recovery Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

7m Emma Smith, Managing Editor
Administrators from KPMG appointed to City Motor Holdings

Business Recovery Administrators from KPMG appointed to City Motor Holdings

1y Richard Crump, Writer
PwC questioned over BHS ‘going concern’ audit

Accounting Firms PwC questioned over BHS ‘going concern’ audit

1y Chris Warmoll, Writer
MPs hear from trio of Big Four firms over BHS advice

Accounting Firms MPs hear from trio of Big Four firms over BHS advice

1y Chris Warmoll, Writer
FRP Advisory hires new partner from KPMG

Accounting Firms FRP Advisory hires new partner from KPMG

1y Richard Crump, Writer
Former Torex CEO sues KPMG and RBS

Accounting Firms Former Torex CEO sues KPMG and RBS

1y Richard Crump, Writer
BHS enters administration as Duff & Phelps fail to find suitable buyer

Accounting Firms BHS enters administration as Duff & Phelps fail to find suitable buyer

1y Fraser Simpson, Reporter