Inverness-based housebuilder Ptarmigan Homes owed nearly £1 million to creditors around the time of its collapse earlier this year.
It ceased trading in late April, leaving 25 projects unfinished, and contractors and customers many thousands of pounds out of pocket.
The Press and Journal can now reveal it owed about £450,000 to suppliers and nearly £500,000 to 17 customers.
Six employees were made redundant, with another having left the business just before it went bust.
Covid-19 pandemic cited among reasons why Ptarmigan went out of business
Its demise has been blamed on the Covid-19 pandemic, project delays, price rises, resource shortages and cancelled orders.
Richard Bathgate, restructuring partner at Aberdeen-based accountancy firm Johnston Carmichael, was appointed provisional liquidator of Ptarmigan on May 2. He became interim liquidator at Inverness Sheriff Court on May 25.
Mr Bathgate said: “I am in the initial stages of the liquidation and fulfilling my statutory duties. I have taken steps to safeguard the assets of the company and am working to realise any assets.
“I will also be considering the causes of the insolvency and the conduct of Ptarmigan Homes’ director, as required by statute. My team is liaising with all known creditors and will keep them informed of the liquidation process and their rights.”
The company’s collapse came about six years after other firms run by the same owners – Martin Roy and his family – collapsed, leaving behind a trail of debt. Ptarmigan acquired the assets of Roy Homes and Roy Homes Timber Frame in February 2017.
Roy Homes owed more than £1 million to creditors when it went out of business.
Mr Roy, who was Ptarmigan’s only director, has not responded to attempts to contact him.
Mr Bathgate said: “A statement of affairs has now been submitted by Ptarmigan Homes’ director. The director has also completed a questionnaire and provided his view of the history of the company and what he believes led to the company’s failure.
“The director has advised that the Covid-19 pandemic, project delays, price rises, resource shortages and a considerable number of cancelled orders during the first quarter of 2023, all contributed.”
Ptarmigan’s statement of affairs sets out the firm’s estimated assets and liabilities.
Mr Bathgate said: “The director estimates the company owes in the region of £1m to creditors, including approximately £450,000 to suppliers and just under £500,000 to 17 customers. When the company ceased trading on April 26 2023, there were 25 projects under way at various stages of development – from planning applications through to handover.
“I am required to conduct investigations and report on the conduct of any director or shadow director who held office within three years of the date of the insolvency to the Insolvency Service.”
Guidance for creditors of Ptarmigan
To make a claim in the insolvency and/or help Mr Bathgate investigate the failed company, creditors can contact his colleague, Carol James, in Inverness on 01463 796200.
One angry supplier who contacted the P&J back in May said he’d been stung a second time, with unpaid invoices totalling about £7,000, having previously lost money as a creditor of Roy Homes. The contractor, who asked not to be named, said he had been sold “false promises” by Ptarmigan and its owners. “This is history repeating itself,” he added.
