Greig Thomas

Tax deadline day as Hearts try to stave off winding up order
10 Jun 2013 08:22

THE Edinburgh side have until close of business today to pay one outstanding debt and avoid yet another winding up order.
Hearts face another deadline today Hearts face another deadline today
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HEARTS will today bid to avoid being served with potentially yet another winding-up order from Her Majesty’s Revenue and Customs over a £100,000 bill.

The PAYE debt had been due last Monday but they were given until the close of play today to settle their arrears.

It is not clear whether the Tynecastle outfit have made any inroads in clearing that charge but club insiders were hoping an upturn in season-ticket sales to see Gary Locke’s side next term would help boost the coffers at a time when there is no match-day income.

HMRC could return to the court to initiate another winding-up order should the debt not be cleared.

Hearts have had countless run-ins with the tax authority during owner Vladimir Romanov’s reign.

Only last November the club warned supporters the 139-year-old institution was in danger of collapsing under the weight of a £450,000 bill following the launch of a winding-up order by HMRC.

Frenzied money-spinning efforts and a share issue that raised £1.05m of a targeted £1.8m saw the club stave off that problem.

The club also agreed a £1.5m repayment plan over a separate dispute with HMRC late last year.

Hearts insist they have been running as a self-sustainable business since early 2012 following years of relying on hand-outs from Romanov.

The collapse of Romanov’s business empire in Lithuania is also a deep concern for Hearts. They owe £15m to his fallen bank Ukio Bankas, which is challenging a bankruptcy ruling, and £10m to parent company UBIG, which asked to be considered as insolvent last month.

Taken from the Daily Record