Iain Bullock, managing director of Renz (UK) said that Hamish Milne, managing director of the Perth-based company, "deserves recognition for his noble actions" following his repayment of all outstanding monies to trade creditors.
Spirax ceased trading on 12 December following the migration of its traditional markets abroad.
Rather than call in the administrators and write off the debts owed by the business, Milne took the initiative and sold off the kit himself, ensuring that it raised enough to pay off all trade creditors.
He said: "The kit has gone all over the world, sold through different agents to 25 different organisations. Had we brought in liquidators, we would not have received all the money."
He also praised the reaction from his staff, which he described as "sad, rather than aggressive" and said that he was now hoping to sell off the site.
Bullock said that Renz received the money as quickly as it would had the company still been trading, describing Milne as "a very honourable man".
See also
