The Scottish Premier League board will meet on Monday to determine whether Hearts should face sanctions over the apparent financial collapse of their majority shareholder, UBIG.
The club could still face an 18-point deduction - and instant relegation - if it is decided that SPL rules have been breached by UBIG's declaration of insolvency.
UBIG was on Thursday listed on a Lithuanian government website of insolvent firms after reportedly declaring itself unable to meet its liabilities.
The firm owns about four-fifths of shares in Hearts and SPL rules can lead to points deductions if an owner suffers an insolvency event.
The SPL has been consulting with its lawyers over its rules and whether UBIG's action breaches them.
The league has made no comment but it is understood the timing of events will be crucial - if the developments of the last two days are deemed to be an insolvency event which breaks the SPL rules, then the punishment will be a points deduction this season.
However, court action is needed to trigger an insolvency event in Scotland and the lack of news about any court proceedings in Lithuania could work in Hearts' favour.
The relationship between UBIG and Hearts will also come into consideration. The club will argue that they have been self-sufficient since early last year so have not benefited from the funding of an insolvent company this season. However, they owe UBIG about £10million of their £25million debt.
The cost-cutting measures continued at Tynecastle this week when 19-year-old right-back Fraser Mullen was told he would not be offered a new contract in the summer despite making eight appearances this season before a broken foot ended his season in March.
But Hearts midfielder Jason Holt insists his former youth-team colleague will have no trouble picking up a new club.
He said: ``It's disappointing as Fraser is a good mate of mine. We came through the youth team together but it's not my decision, that's down to the club.
``I spoke to him the day he found out. It's one of those ones that he just needs time to take it in. He's a good lad and I'm sure he will not be short of offers.
``He's a good player so I hope he does go on to bigger and better things once he's fit again from his injury.''
Holt and fellow Gorgie youngsters Callum Tapping, Jamie Walker and Kevin McHattie have all made the most of the club's financial strains to grab first-team slots.
The club could yet put even more focus on their younger recruits amid fresh concerns that developments in Lithuania could force the club into administration.
But Holt knows such a crisis could yet open the door for other youngsters, just as the 20-year-old found this term with 21 first-team run-outs.
``Being a young boy growing up watching Hearts and going to the games, it's a dream now getting the chance to play for the team,'' Holt said.
``It's been a massive season for us young lads coming through. We knew that for a lot of us it would be a chance for us to make the breakthrough.
``I've managed to get a decent number of games under my belt. Next season I'm looking to push on with a good pre-season under my belt and make it a better one than my first.''
Hearts round off their season with a trip to Aberdeen on Saturday but last week's Edinburgh derby defeat to Hibs is still painfully fresh in Holt's mind.
Holt said: ``Sunday's defeat was a massive blow for me and everyone at the club, the fans as well. The players know we weren't good enough and we will be looking to put the right next season.
``It felt worse than losing the cup final. Both were huge blows but on Sunday it was an Edinburgh derby, both sets of fans were there and we just didn't perform well enough on the day. It's really disappointing because we let ourselves and the fans down.''
Hearts boss Gary Locke is considering giving injured skipper Marius Zaliukas a cameo run-out in the Jambos' final fixture of the season.
The Lithuanian defender is out of contract in the summer but is close to returning from the ankle knock that has kept him out since February and may be given the opportunity to wave goodbye to the travelling Tynecastle support when they head to Aberdeen.
However, defenders Darren Barr and Brad Mackay are both doubts for the game at Pittodrie and may miss out, Locke has warned.
Russell Anderson (tight hamstring) and Ryan Jack (knock) are both out for Aberdeen.
Rory Fallon and Peter Pawlett are suspended.