French Duncan appointed liquidators of university-based charity

Brian Milne

The business has closed with immediate effect with the loss of all four jobs.

Grameen Foundation Scotland was established in 2012 with the aim of offering micro-credit business loans to individuals unable to access mainstream financial services.

Its stated goal was “to improve the economic situation of the most financially disadvantaged in the UK, initially in the West of Scotland, on a sustainable basis.”

They have provided loans to around 1,000 people since they were established.

Liquidator Brian Milne, restructuring and debt advisory partner with French Duncan LLP, said: “The Grameen Scotland Foundation is unable to continue trading as its debts have become insurmountable. Creditors are due around £300,000 and the main reason for the financial collapse is that a number of the Foundation’s customer have fallen into arrears which has had a detrimental effect on the company’s cash flow. The directors petitioned for liquidation as the company is insolvent.”