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He said: "These are a number of negotiations that have been going on just as long and they want to make sure they make the right decision".
"At the moment, we cannot put a timescale on the process as a number of negotiations with various parties still need to take place and we are waiting for the appointment of administrators to UBIG to be ratified.
"At the moment we cannot put a timescale on the process as a number of negotiations with various parties still need to take place and we are waiting for the appointment of administrators to UBIG (Hearts' parent company) to be ratified," said Birch.
After a number of fruitless negotiations with Santiago over the issue, La Paz lodged a complaint to the ICJ in April 2013.
Boullier is well connected in Bahrain, where he has been involved in a number of sponsorship negotiations.
During six years there, he was involved in a number of major negotiations, including the representation of Sonatrach, the state-owned oil and gas company of the newly independent Algeria, in its dealings with Western oil companies.
Quinn said: "What I can say is that we are in a number of meaningful negotiations to bring players in and when there's anything definitive to report, it will be on our club website for our fans to read".
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