Hearts director Sergejus Fedotovas admits he is still unsure what the implications will be for the club should majority shareholder UBIG officially confirm its "indication" of insolvency.
Fedotovas is still speaking to lawyers to determine the position of the investment firm and the club but he believes there will be some clarity from Lithuania within 30 days.
UBIG, which owns 79% of Hearts, was last week named on a Lithuanian government list of firms which are unable to meet their financial obligations but the club escaped instant relegation when the Scottish Premier League ruled that did not constitute an insolvency event in its rules.
But Hearts could start next season with a 15-point deduction if UBIG's insolvency is confirmed in court and the SPL decides such a move falls foul of its financial fair play rules.
Speaking after the club's annual general meeting, Fedotovas told Hearts TV: "The news about UBIG was very much unexpected, something we didn't anticipate.
"To be frank we are still trying to find out what the reality is behind it and how this will impact on Hearts.
"Pretty much we know the company has declared it's in a position where it may not be able to meet its obligations and pay the bills. But as I understand from the Lithuanian legal background, it is something it has time to consider.
"The company has around 30 days to revoke that or take it further to the stage where it will be filing for bankruptcy or insolvency.
"It will be decided by the court whether the company will go into insolvency or not."
Why are you making commenting on The Herald only available to subscribers?
It should have been a safe space for informed debate, somewhere for readers to discuss issues around the biggest stories of the day, but all too often the below the line comments on most websites have become bogged down by off-topic discussions and abuse.
heraldscotland.com is tackling this problem by allowing only subscribers to comment.
We are doing this to improve the experience for our loyal readers and we believe it will reduce the ability of trolls and troublemakers, who occasionally find their way onto our site, to abuse our journalists and readers. We also hope it will help the comments section fulfil its promise as a part of Scotland's conversation with itself.
We are lucky at The Herald. We are read by an informed, educated readership who can add their knowledge and insights to our stories.
That is invaluable.
We are making the subscriber-only change to support our valued readers, who tell us they don't want the site cluttered up with irrelevant comments, untruths and abuse.
In the past, the journalist’s job was to collect and distribute information to the audience. Technology means that readers can shape a discussion. We look forward to hearing from you on heraldscotland.com
Comments & Moderation
Readers’ comments: You are personally liable for the content of any comments you upload to this website, so please act responsibly. We do not pre-moderate or monitor readers’ comments appearing on our websites, but we do post-moderate in response to complaints we receive or otherwise when a potential problem comes to our attention. You can make a complaint by using the ‘report this post’ link . We may then apply our discretion under the user terms to amend or delete comments.
Post moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours.
Read the rules hereComments are closed on this article