Source: Team_Talk
Hearts settle tax bill
Hearts have confirmed they have settled a tax debt after being threatened with administration by Her Majesty's Revenue and Customs.[LNB] Papers were lodged in the Court of Session on July 29 by the Advocate General for Scotland on behalf of HMRC.[LNB]The Notice of Petition for Administration Order, which was issued against Heart of Midlothian PLC under the Insolvency Act 1986, is available on the Companies House website.[LNB]It is understood no court date was set for a hearing into the matter and the club's payment should prevent further action.[LNB]A Hearts spokesperson confirmed the payment was made on Tuesday.[LNB]The club, who host Tottenham in the Europa League on Thursday, were previously threatened with similar action from HMRC almost exactly two years previously.[LNB]A petition for 'wind-up' action was lodged against the Edinburgh club in July 2009, which the club claimed came as a surprise as they had a payment schedule in place with HMRC. The club vowed to meet the debt in full.[LNB]Hearts announced a return to profitability for the first time in 11 years when they revealed their financial results earlier this year. The Edinburgh club announced a profit of £39,000 in the year to July 31, 2010.[LNB]The profit, which followed a loss of more than £8.5million, came after parent company UBIG, owned by Hearts majority shareholder Vladimir Romanov, invested £7.9million in the club.[LNB]And a £10million debt for equity plan handing more power to Romanov in return for cutting the debt to around £25million, was approved in November 2010.
