Graeme Smith, insolvency partner with accountants Henderson Loggie, has been appointed as liquidator for the Byre Theatre based in St Andrews, Scotland.

The curtain came down on the Byre Theatre's final performance on 31 January with the loss of 25 jobs. The board had announced five days prior to that date that they had no alternative but to cease trading given the organisation's financial position.

Smith said: 'My prime aim is to facilitate the holding of a meeting of creditors and at the same time maximise the possible return to creditors from the realisation of the Byre's assets. However, I am conscious of the need to try and achieve a solution that would let the Byre Theatre emerge from this difficult position in due course and re-open its doors, as it has an important role within the community.'

In support of this aim, Smith is hoping to avoid dispersing the assets for sale, which include over 9,000 items spread over five operational sites, in order to keep them in the locale for use in a regenerated venue.