The administrator running Hearts has revealed the club could soon start the process of exiting administration after he was given the go-ahead by one of their major Lithuanian shareholders.

The stricken Tynecastle club have been unable to progress their battle to escape administration while there was uncertainty over the future of 50% stakeholder UBIG, itself declared bankrupt.

The Kaunas-based investment firm - once controlled by former Jambos owner Vladimir Romanov - is still waiting for a bankruptcy administrator to be appointed, with a court hearing set for Thursday.

But now the man running Ukio Bankas - another one-time Romanov venture, also now insolvent - has told Hearts administrator Bryan Jackson of BDO he can go ahead and start the process of negotiating a pence-in-the-pound Company Voluntary Arrangement with the club's creditors.

Ukio Bankas, which owns 29.9% of the club and holds a floating charge on the stadium, and UBIG are owed around £24million, with around £4.4m owed elsewhere.

BDO has already appointed fans' group the Foundation of Hearts as preferred bidders but Jackson said the club are not out of the woods.

He said: "This is positive news as it means that we can progress the CVA process immediately by initiating meetings of the creditors and shareholders.

"I would urge caution however that, although this is a further step in the right direction, there is still some way to go. There are a number of issues to be clarified and concerns addressed but we are at least progressing once more."