The Scottish Premier League has decided not to hand Hearts a points deduction following revelations that their parent company had hit financial problems.

UBIG, who are the holding company of Hearts' chief shareholder Vladimir Romanov, was declared insolvent in Lithuania last week.

That led to reports that the Edinburgh-based club would face an 18-point penalty, which in turn would have relegated them to the second tier of Scottish football.

However, after a meeting a Hampden Park this afternoon, the SPL board ruled that they did not have enough information to punish the Jambos.

"The SPL board met today to consider reports from Lithuania in respect of Ukio Banko Investicine Grupe (UBIG)," read a statement.

"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 2012-13."

Hearts finished the campaign 10th in the Scottish Premier League standings.