The administrators of collapsed Dundee building company Muirfield Contracts have been given another year to continue their work.
Campbell Dallas have been granted more time to realise the firm’s assets, judge creditors’ claims and distribute any funds to unsecured creditors who are owed in excess of £10 million.
Muirfield went into administration a year ago with the loss of almost 300 jobs.
A major presence in the east of Scotland construction industry, the company had been sold in May 2013 by Maurice Mackay to Ensco 395 Ltd, after which Thomas John Stodart was made a director and joint chairman.
Mr Stodart blamed the firm’s collapse on inheriting loss-making contracts, overstatement of previous profits and other reasons.
In the year to October 2013, however, the company made a pre-tax profit of about £1m from a turnover of £48m and had net assets of £9.2m.
In May last year, Campbell Dallas accused Mr Stodart of not giving a full picture of Muirfield’s financial position.
In his progress report on the administration in October, Derek Forsyth of Campbell Dallas itemised receipts amounting to £1.5m from the disposal of plant, motor vehicles and furniture and from a range of sums.
Payments of just over £460,000 had been made leaving a balance of £1.041m.
The list of unsecured creditors last October extended to 1,246 entries, making claims amounting to about £10.2m. Mr Forsyth warned the final total could be “significantly higher.”
He anticipated they may receive a dividend, but it was too early to comment on its timing or level.
Preferential creditors should be paid in full, and a second-ranking floating charge creditor had made a valid claim for £1m which was to be determined.
Muirfield had been party to four performance bonds for contracts with a balance of £1.23m, and three of these were realised.
Debtors owed the firm £7.46m from 433 balances, but Mr Forsyth said it could take until next year before final sums can be settled.
The administration was due to end last Friday, but Mr Forsyth had said the realisation of assets would not be concluded in that timescale.
The administration has now been extended to March 11 next year.
Campbell Dallas have submitted a confidential report on the directors, including Thomas John Stodart, to the Insolvency Service.
The directors could face action including disqualification or proceedings in court.