Buyers who invested money in an apartment scheme on the edge of the city centre are still owed £3,470,843.
The Metalworks scheme, which was first unveiled several years ago, promised 300 new apartments on the site of the former Lawtons building off Leeds Street. The proposed scheme was not built and the land became one of the city's many stalled sites.
The Pumpfields Regeneration Company (PRC) , the firm behind the Metalworks scheme, collapsed into administration last year. Now a report by administrators Smith and Williamson LLP has revealed that buyers are still owed millions of pounds.
READ MORE: Drinkers had 'three day bender in a tent' under city balcony
The report, posted at Companies House last month, states that deposit purchasers and unilateral notice holders are owed £3470843. Unilateral notices ( UN1) register a financial interest in a property. PRC also owe finance company Moneything £3,050,000.
The report states that the administrators have received several offers for the Metalworks sites. The administrators state that an application to a court may be needed before it can be sold.
The report states that the sale of the land should allow payments to be made to some of the creditors who are owed money. The administrators add that the 'priority of the secured creditor claims is complex' and it has not yet been established which group of creditors will be prioritised.
The administrators reveal that they have asked Antonio Garcia-Walker to provide plans from the original scheme. Mr Walker was a director of PRC from February 2016 to December 2019.
Last year Mr Walker was handed an eight year ban for his involvement with controversial property group North Point Global.
The ban handed to Mr Walker related to his time at Baltic House Developments and Warwick Road Developments ( Manchester Ltd). Both companies were subsidiaries of the North Point Global group, which is said to owe buyers around £40m.
Last year campaigner Josie Mullen revealed that she raised concerns with Liverpool Council about the developers behind Metalworks in August 2018. Ms Mullen had claimed some of the directors at PRC were linked to North Point Global.
Liverpool Council said that they acted on the emails but' had no jurisdiction in the sale of land between two private parties.'
Manchester based property company CBRE are handling the sale of the Metalworks site.
Metalworks is one of a number of stalled sites in the Pumpfields area of the city, which was supposed to be a haven for regeneration.
Colin Hardman, Partner at Smith & Williamson and joint administrator of Pumpfields Regeneration Company Limited said: "The joint administrators are pleased to confirm that the marketing process in respect of the Metalworks site is now at an advanced stage.
"Furthermore, that the Deposit Purchaser Committee has been established and, through its meetings with the joint administrators, it has been kept appraised of developments as appropriate”.
