A Highland construction firm collapsed owing almost £1million, it was revealed yesterday.
Thirty people lost their jobs when McLeod Building went into voluntary liquidation and now businesses which were owed money have been told they are unlikely to recover their losses.
The company’s affairs were set out at a meeting in Grantown YMCA yesterday.
About a dozen creditors attended the private talks, along with company directors, brothers Robbie, Donly and Billy McLeod.
They did not comment later, however, one businessman, who asked not to be named, said: “We’re not going to get any money back.
“I feel sorry for the McLeods but there’s not enough money and a lot of debts to the likes of us. That’s not a good combination.”
Also at the meeting were a husband and wife whose new McLeod home was half-built when the company collapsed last month.
They too asked not to be named but the woman said: “We feel incredibly let down and it has left us quite uncertain.
“We always paid our bills to them, on time or even early, but they must have known they were close too insolvent for some time.
“We’re just incredibly disappointed.”
The failure of McLeod Building marked the end of the family-run company which had operated for more than 100 years in the Speyside town.
At yesterday’s meeting it was revealed that the firm had work in progress and an order book worth £2million, but no capital to carry it out.
Glasgow-based accountants Gerber, Landa and Gee, who have been appointed to handle the liquidation, organised the talks.
Liquidator Tom Hughes said the company was owing £966,847 when it went out of business.
This included £594,109 to other firms in the trade and £207,718 to HM Revenue and Customs in unpaid PAYE and VAT bills.
Mr Hughes said four parties had contacted his company about buying elements of McLeod.
Among the firm’s assets are a store yard, a fleet of vans, cars, plant and machinery and plots of land earmarked for development at Ballindalloch in Moray, worth about £300,000 in total.
In his report to the creditors, Mr Hughes said “trading became very difficult following the UK economic collapse in 2008”.
He said a provisional agreement had been reached with HMRC over the unpaid bills but this became “unsustainable” towards the end of May, causing the directors to “reluctantly” agree to cease trading.
Mr Hughes added: “Ironically the company had work in progress and an order book in the region of £2million but the working capital was not available to fund this.”
None of the directors commented yesterday but managing director Robbie McLeod previously said he was “devastated” for the workers who had lost their jobs.