ONE of Scotland's best-known businessmen has amassed debts of #3.49m and it does not appear creditors are going to get even one penny.

Few, if any, of those owed money are expected to seriously pursue bids to recover cash because - even after his hotel was sold for #360,000 last year - Mr James Glasgow's estimated assets now stand at a mere #1612, and he is now aged 82, with his only declared income his old age pension.

The scale of debt run up by Mr Glasgow has just come to light after he was declared a bankrupt.

His extraordinary and convoluted business affairs down the years are now being investigated by the Accountant in Bankruptcy but, so far, it would appear creditors will not receive any money.

Mr Glasgow continues to live in relative peace - and splendour - at Hermiston, Golf Road, Bridge of Weir, Renfrewshire.

The imposing red bricked two-storey property, with leaded windows overlooking the first and 18th fairways of Ranfurly Golf Club, is untouchable by creditors because it is not in his name.

One estate agent described Golf Road as ``the address'' in Bridge of Weir, where prices range from at least #200,000 to more than #500,000.

At the house, where three cars were parked in the driveway, a man opened an upstairs window to say only that Mr Glasgow lived there ``occasionally''.

A disgruntled creditor has been told by a solicitor representing Mr Glasgow that he ``does not own any heritage, currently has no other income than his pension, and has retired as a director''.

Creditors include Glasgow Leisure Ltd and Edinburgh Ice Rink Ltd.

Mr Glasgow was once a director of both companies. The firms are owed respectively #601,938 and #2.45m, according to a statement of affairs.

The two other creditors are the Inland Revenue - due #424,850, and Edinburgh firm Christie and Co, which is owed #15,863, including interest.

The bill sent by Christie and Co for estate agency work was for selling the Gryffe Arms Hotel in Bridge of Weir on behalf of Mr Glasgow for #360,000 last year.

The firm not only failed to receive its fee but suspects that the money from the sale has ``vanished into thin air'' because Mr Glasgow's assets now stand at #1612.

The decision by Christie's to seek his sequestration at a Paisley Sheriff Court hearing has exposed the true depths of his massive financial problems.

A creditors' meeting in Glasgow has been told that total liabilities stand at #3,495,183.

Mr Glasgow, who over decades built up various Scottish property and leisure businesses, many in varying stages of financial dormancy, is remembered in business circles for a complex network of directorship and controlling stakeholdings.

He first came to prominence in the Seventies when, as owner of Glasgow Leisure and Crossmyloof Ice Rink (which is now demolished), he won a battle to take over Edinburgh Ice Rink and its assets.

He also hit the headlines in the 1980s when saving the Pavilion in Glasgow after it fell on hard times.

In 1990, Mr Glasgow escaped disqualification from holding company directorships after admitting failures to lodge accounts for three companies with the registrar of companies - in spite of two previous convictions for similar offences.

He was fined #300 for failing to lodge accounts for Sawyers Properties, Glasgow Leisure and Edinburgh Ice rink within the required time in 1988 and 1989.

Troubles continued in the early nineties when a group of shareholders sought to wrest control of Dundee-Angus Ice Rink from associates of Mr Glasgow who were on the board of the company.

It is understood Mr Glasgow has not lodged a statement of affairs to Mr David Owen, of BDO Stoy Hayward, the agent appointed by the Accountant in Bankruptcy who was made interim trustee following the sequestration.

Mr Owen confirmed that a statutory meeting of creditors has been held and that, at present, he is ``unable at present to form an opinion as to whether the debtor's assets are likely to realise sufficient funds to pay to creditors.''

Inquiries are now under way to find out if Mr Glasgow has any properties or business interests which could go towards reducing his liabilities.

Christie and Co likened the financial circumstances uncovered since the sequestration as ``a web of intrigue,'' and said: ``We won't get our money back easily.''

Director Stuart Ferguson added: ``We are disappointed at the way it has turned out.

``We had no alternative but to make him bankrupt on the assumption he had assets and we could recover our money.

``We are surprised he appears to have few assets on paper, and is so much in debt.''

It is understood the Inland Revenue, despite being awarded a decree against Mr Glasgow for more than #400,000, is not pressing hard to recover its money.

The court-appointed Accountant in Bankruptcy said it was ``early days'' to determine fully Mr Glasgow's state of affairs.

An agent for the Accountant in Bankruptcy will be trying to verify whether liabilities are as stated - and if assets are as

little.