McClure Naismith debts estimated at more than £5m

The Glasgow-based firm went into administration in August but about 80 jobs were saved with partners and staff moving to rivals including Burness Paull,Maclay Murray & Spens, Harper Macleod and others.

Administrators at insolvency practice FRP Advisory said creditors include the landlord of its premises, HMRC and former partners – with the estimated debt being around £4.5m. The landlord’s claim is said to be £1.35m.

The Bank of Scotland had a £1.65m floating charge over the firm’s assets. It is expected to be between £548,000 and £1.05m out of pocket.

The assets are expected to generate between £729,000 and £1.36m.

However, administrators said ordinary creditors are unlikely to receive more than a small dividend of £149,000.

They added that the deals resulting in partners and staff securing jobs with other firms meant that the overall return to creditors was higher and the value of the work in progress could be realised.

Each partner’s work in progress was sold to acquiring firms and while it is unknown how much the sale of such work will generate it is estimated to be between £196,000 and £356,000.