Ukio Banko Investicine Grupe (UBIG), run by Hearts owner Vladimir Romanov, is the majority shareholder at the club and last week declared insolvency, stating it was unable to meet its liabilities.

The SPL board subsequently met to discuss the situation and could have handed the club a points deduction that would have meant instant relegation, but they ruled that an insolvency event in line with their guidelines had not happened, meaning there will be no punishment at this time.

A statement on the SPL website said: "The SPL Board met today to consider reports from Lithuania in respect of UBIG.

"The Board are not satisfied, on the basis of information currently available to it, that an Insolvency Event (as defined by SPL Rules) occurred in respect of UBIG during season 2012-2013."