The dramatic fall from grace of a company that was one of Scotland's brightest electronics stars is underlined in the latest filings by administrators to Simclar Group.
A report by experts from Deloitte, updating on progress in the year after they were appointed to run the Dunfermline-based business, makes grim reading for the companies and people affected.
After developing into a global business that employed more than 1000 in Scotland at its peak, Simclar left a trail of unpaid debts running into tens of millions of pounds when it was put into administration by its founder Sam Russell in June last year.
The move was followed by the loss of 138 jobs in Dumfermline. It came after Simclar suffered delays launching a "Green plug" it was working on.
The administrators concluded the scale of Simclar's debts was too great for it to be preserved as a going concern.
In their latest progress report, the administrators say after selling most of the assets available there is no prospect of most unsecured creditors getting any money back.
These were owed around £12.2m in total by Simclar Group and two subsidiaries
The Herald revealed in March that the administrators sold the remnants of the UK manufacturing operation for just £134,000.
Seven factory units in Dunfermline are for sale.
Any proceeds will be used to repay part of the £28m that the companies that went into administration owed Bank of Scotland.
The administrators said: "After discharging the cost of the administration there will not be sufficient realisations from floating charge assets to fully repay the bank."
They added that as a result there would be no funds available to make a distribution to unsecured creditors, besides payments totalling £19,000 in respect of older debts contracted by one company.
The taxpayer will be a big loser.
Her Majesty's Revenues and Customs was owed around £400,000 by Simclar Group and Simclar International when the companies went into administration.
The official Redundancy Payment Office is dealing with Employment Tribunal Awards made to 104 former employees at Dunfermline after the union Community claimed they were unfairly dismissed. The awards totalled £1.1m.
In April The Herald revealed that Mr Russell had agreed an out-of-court settlement with liquidators who were trying to claw back cash paid out by his Simclar Ayrshire business months before it closed with the loss of 420 jobs in Irvine and Kilwinning.
Accountants from PriceWaterhouseCoopers were seeking to recover £3m dividends declared by Simclar Ayrshire in June 2006.
The liquidators agreed an out-of-court settlement with Mr Russell and two other former directors of Simclar Ayrshire ahead of a Court of Session hearing.
In their report the administrators said they completed investigations into the conduct of the directors of the three companies that went into administration in June last year as part of their statutory duties. They submitted confidential reports to the Insolvency Service in December and January.
A spokesperson for the service said it will never confirm or deny if investigations are ongoing into the conduct of any directors.
Mr Russell did not return a call seeking comment.
In its accounts for 2009, Simclar Group said: "The company and certain of its directors are the subject of a claim made by the liquidators of - Simclar Ayrshire. The claim is being defended vigorously."
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