The liquidator appointed at Liz McColgan’s failed gym hopes to sell the business as a going concern.
Johnston Carmichael has been appointed to get best value for the property and assets left behind by the former Olympian’s health club in Carnoustie.
Director of insolvency Donald McNaught will take responsibility for the case after the firm was made provisional liquidator of Elizabeth McColgan Limited.
The appointment was made after a petition by the secured creditor following the cessation of trade in November.
Mr McNaught said: “As liquidator we are hoping to either sell the property and assets of the health club business as a going concern or find other avenues that will create value for the company’s creditors, including the sale of individual assets.”
Despite trading for 13 years, the gym had liabilities of more than £820,000 on the balance sheet prior to being closed.
It is understood debts had been mounting for years, and recorded assets were just £421,000 when the last set of accounts were reported in April 2011.
Ms McColgan said she had ploughed all of her savings into the business at the same time as going through a divorce.
A total of six staff were employed at the firm and the gates have been closed since the news of its demise broke.
Mr McNaught said selling the business to a buyer who intended to retain it as a gym would be easier than breaking up the assets for individual auction.
Pending formal instruction of agents, any enquiries about the club should be passed to Donald McNaught at Johnston Carmichael’s Glasgow office on 0141 222 5800.