A new report shines a light on the sudden closure and liquidation and reveals that unsecured creditors face losing £1.7m.
The liquidators’ report shows “there will be insufficient funds to enable a distribution” to a secured creditor, Close Brothers Limited, of St Giles Shopping Centre Holdings Limited.
The sudden closure of the company that operated the St Giles Centre in Elgin, which opened in 1992 with 28 outlets, is outlined by James Dewar and Alistair McAlinden, of Interpath Advisory, who were appointed joint liquidators in April last year.
The liquidators said: “The company operated the centre, letting out units to retailers, and managing the centre’s common operations through a service charge…