Crunch meeting sees Campbell Dallas broker Muirfield pledge to settle creditor claims

The news comes days after administrators Campbell Dallas, who were appointed following the collapse of Muirfield in March, accused the firm’s owner of not giving a full picture of the firm’s financial position.

In the wake of the controversy, about 30 traders, suppliers and their proxies met for two hours of talks behind closed doors yesterday in the Dundee’s Apex Hotel, the local Courier newspaper has reported.

Afterwards Derek Forsyth of Campbell Dallas said the process of trying to establish Muirfield’s assets and deal with creditors’ claims would continue.

He told the newspaper: “There was discussion about legal action that is being pursued in connection with the administration process but I cannot comment on the detail in case it prejudices the action.”

Muirfield went into administration in March, just 10 months after owner Thomas John Stodart said the company’s balance sheet was strong and it was well positioned to grow.

Campbell Dallas had to make 258 staff redundant and put a further 100 sub-contractors out of work, and deal with claims from creditors worth a minimum of £6.9m.

Muirfield’s collapse has already brought down one supplier which was owed more than £30,000, and there are fears that more firms may follow.

Campbell Dallas made its comment about the openness of Mr Stodart came after it calculated Muirfield owed at least £6.9 million to several hundred creditors.

The accountants said the book value of contract debts “appears to be significantly understated” as it accused Mr Stodart of not including unpaid wages and holiday pay due to his workforce.

They had also said that the value of the company’s assets and liabilities suggested by Mr Stodart “are materially different to those which appear in the company’s books and records”.

The details emerged in lists of trade and goods and service creditor claims running to 15 pages and containing around 1,000 entries.

Muirfield’s debts, presented in a statement of affairs to the administrators by Mr Stodart, amounted to almost £5.9m, plus a £1m floating charge due to former owner Maurice McKay who sold the company to Mr Stodart.

Among several hundred contractors and suppliers, the trade creditor due the most amount from Muirfield is Advance Construction Scotland which is owed almost £270,000.

At Thursday’s meeting the administrators went through the contents of their investigation report and answered questions.

The creditors went on to agree a series of proposals by Campbell Dallas to continue with the administration.

The proposals are aimed at securing the firm’s assets and maximising their realisation to settle creditors’ claims.

The administrators will also “continue with their inquiries into the conduct of the directors of the company and assist any regulatory authorities if required.”

A creditors’ committee was formed to take the administration process forward.

Those at Thursday’s meeting declined to comment.