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SBD Global/July 31, 2013/Finance
Scottish Premier League Hearts Administrators BDO In Liquidation Battle
Published July 31, 2013
BUSINESS AS USUAL: In Edinburgh, Stuart Bathgate reported BDO has "insisted that preserving the Tynecastle club as a going concern is in the best interests of both creditors and bidders." BDO administrator Bryan Jackson said, "We are continuing to work with the administrator of Ukio Bankas and the bidders to enable the club to exit administration as a going concern. However, it should not be forgotten that it is the duty of the administrator of Ukio Bankas to achieve the best financial result for the bank’s creditors, and he will act to ensure that this happens." While the mention of liquidation "inevitably caused considerable worry for many Hearts fans," the Foundation adopted a "business as usual" attitude. They pointed out that the possibility of liquidation "had existed since the club went into liquidation last month, and recognised that Valnetas were duty bound to do what they could to maximise the return for Ukio" (SCOTSMAN, 7/30).