July 2011 Papers are lodged by Her Majesty's Revenue and Customs (HMRC) over a £200,000 tax debt.
Hearts settle out of court on 16 August 2011, but relations with the tax authorities become fractious.
November 2011 Hearts try to drastically reduce costs as majority shareholder, Vladimir Romanov, cuts external funding for the football club. The club settles a tax bill of £1m with HMRC but cannot afford to pay their staff for the second month in succession.
December 2011 Ryan Stevenson effectively goes on strike, withdrawing himself for family reasons after three months of wage delays. He later joins Ipswich before returning seven months later.
February 2012 The club staves off a third winding-up order from HMRC in the space of four months after making an 11th hour payment to the tax authorities.
October 2012 HMRC claim Hearts owe £1.75m in unpaid tax relating to loans from the Lithuanian club FBK Kaunas, also owned by Romanov at the time. The club are placed under a 60-day transfer embargo by the Scottish Premier League after not paying wages on time.
November 2012 Director Sergejus Fedotovas warns Hearts are on death's door following a winding-up order issued by HMRC over arrears of £450,000. Foundation of Hearts sees a takeover bid for the club fail. Fedotovas accuses the group of "a staggering misjudgement of the value of the club".
December 2012 More than £1m is raised through a share issue to keep the club afloat, although it is £800,000 below the ambitious target set by the club's hierarchy. The transfer embargo levied on Hearts in October is extended.
February 2013 Vladmir Romanov's stricken bank Ukio Bankas, which holds £15m of Hearts' total £25m debt and 29.9% of the shares in the club, enters administration.
May 2013 Ukio Bankas is declared bankrupt, subject to appeal, while majority shareholder UBIG declares itself insolvent. However, Hearts escape relegation after the SPL decides this does not amount to an insolvency event.
June 2013 The decision to declare Ukio Bankas bankrupt is upheld as Hearts struggle to meet a £100,000 payment due to HMRC and upcoming wage demands. The club announce the whole squad is for sale and they suggest sluggish season ticket sales are to blame.
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