Liquidators wants to work with Moray Council to find a “meaningful way” to breathe new life into the locked-up St Giles Centre.
The Elgin mall was closed in January after the owner pulled the plug amidst crippling debts.
Now Alistair McAlinden and James Dewar from Interpath have been appointed as joint provisional liquidators of St Giles Shopping Centre Holdings Limited.
The firm was the operator of the shopping centre and had run up a huge unpaid business rates bill totalling about £750,000.
Legal action by Moray Council to recover the money forced the firm to close the doors.
However, the building is owned by a separate company which is not subject to insolvency.
Meanwhile, the land is owned by a pension fund for Imperial Tobacco.
The shopping centre’s closure made many businesses homeless and and forced them to search for new accommodation.
David Cameron, the only director of the St Giles Shopping Centre Holdings Limited, blamed the Edgar Road retail parks for the financial issues that led to the demise of the Elgin shopping centre.
‘Find a meaning way forward’ for St Giles Centre
Liquidators hope they can work together with Moray Council to secure a new purpose for the shopping centre.
Joint provisional liquidator James Dewar said: “As a matter of priority, we will be working closely with all stakeholders, including the Centre’s owner and Moray Council in its dual-capacity as a major creditor and a key stakeholder in the ongoing development and regeneration of Elgin, to find a meaningful way forward for this important site in the town.”
Head of Interpath in Scotland and joint provisional liquidator Alistair McAlinden described the closure of St Giles Centre as “emblematic” of the challenges facing high streets and shopping centres.
He added: “Tough trading conditions coupled with fragile consumer confidence and increasing overheads are putting enormous amounts of pressure on operators, with a number of shopping centres unfortunately having no option but to close in recent times.”
Read more from Elgin
- Well-known Elgin businessman believes closure-hit mall could thrive again under a new owner
- Phone firm reveals they will not open a new Elgin store almost three months after St Giles closure
- No shops, more than two years late and a bankrupt developer: The saga of how the St Giles Centre in Elgin finally opened
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