RSM gets third extension for administration of Fife rail firm

The pair were appointed after the Lochgelly railways maintenance firm were plunged into administration in January 2015 with the immediate loss of 126 jobs.

The extension until July 19 next year marks the third time Northsouth have sought and been granted an extension to the period of administration.

In a progress report in February, RSM said the administration could not be brought to a close while the collection of book debts was ongoing and an investigation into a “potential illegal dividend” of £79,779 continued to be pursued.

The report stated if there was no prospect of future recoveries by July 20 it would exit the administration through the company dissolution process.