Business advisory firm Deloitte has been appointed as liquidator for the company that failed to carry out the failed Sixfields development.
Back in January 2015, Mazars LLP was appointed to oversee the administration of 1st Land, the firm chosen to project manage building a new stand for Northampton Town.
The whole development was to be paid for using a £10.25 million loan from Northampton Borough Council, but the work was never completed and the stadium builders Buckingham group were only paid a fraction of what they were owed.
The final practitioner’s report into 1st Land revealed that, during the 12 month administration period, no assets could be realised and, as a result, no creditors could be paid.
In December, the firm was placed into liquidation.
Northampton Borough Council has now officially appointed Deloitte as liquidator for the company, which was 100 per cent owned by Bushey-based businessman Howard Grossman.
Practitioners Lee Manning and Dom Wong from Deloitte will now begin looking through 1st Land’s books to see if any funds can be recovered.
Mr Manning, a partner in Deloitte’s restructuring services practice, said in a brief statement: “We have been asked to investigate the affairs of this business with a connection to works at the football club.
“Our priority is to recover funds for the benefit of the creditors.”
Earlier this month, the borough council said appointing Deloitte would give it a better chance of recovering money it claims to be owed from the company.
A spokeswoman said: “This will give us direct access to information about their business and financial dealings and the best chance of recovering the loan.
“Deloittes acted for us in scrutinising the club’s financial position at the end of last year, and so will have a broader understanding of the business relationship with 1st Land.”