Administrators hope to conclude the sale of land previously earmarked for a huge holiday park in Dumfries and Galloway the near future.
McAlister and Co were appointed to handle Apple Invest Ltd in the summer after the company failed to satisfy debts of potentially more than £16million.
Among the firm’s assets were a caravan park at Barnsoul near Shawhead and land at Barncrosh near Ringford, where a company called VCL Developments had applied to build more than 400 lodges.
In November, the council rejected the application as “insufficient information has been submitted to enable a properly informed determination to be made in relation to this application”.
By this point, both sites – which the original administrators’ report lodged with Companies House suggested were worth a combined total of around £10million – had been put up for sale with a closing date of August 30.
The latest report from McAlister and Co reveals there were “a number of offers” for the sites, with the highest bid accepted.
However, there have been a number of delays but it is believed “the sale of the site should hopefully be achieved soon”.
Among the list of known creditors provided to the administrators in the summer were plot investors, who were owed more than £9million.
The latest report lodged with Companies House states that the investors “may have been led to believe that they had bought a plot of land with a lodge in situ” but legal advice shows the agreements were to invest in development of the sites, rather than a specific plot.
The report adds: “The ‘certificate’ issued to investors appears to solely be an internal document and there has been nothing registered at the Scottish Land Registry.”
The administrators have “investigated where possible” concerns raised by the investors, and acknowledge these are “clearly further investigations that need to be conducted”.
And there is now proof of debts totalling nearly £18million, with the potential for around £1million of further claims.
The report concludes “it is intended to move the company to liquidation once the sale has been completed”.
The intention is for a “creditors’ voluntary liquidation”, although an alternative is a compulsory winding up.