Donald McNaught, restructuring partner at Johnston Carmichael has been appointed as provisional liquidator of Vasanat International Ltd, trading as Scottish Electric Group, which has collapsed with the loss of 99 jobs
The Dundee-based business offered a range of professional electrical services, and had faced prolonged cashflow pressure which, despite the efforts of management, it was unable to overcome, the liquidator said.
Donald McNaught, partner at Johnston Carmichael and provisional liquidator, said: ‘Our main objective going forward will be to preserve value in the Scottish Electric Group’s remaining assets to maximise the return to creditors.
‘Unfortunately, the process has resulted in job losses and we will work with the relevant government agencies to ensure employees are provided with the appropriate support.’
Report by Pat Sweet