THE taxpayer-supported nationalised shipyard firm at the centre of the nation's ferry fiasco insist they are not to blame for being under threat of being dissolved because of failures in lodging financial statements over its business affairs.

Ferguson Marine, which was taken over by the Scottish Government four years ago after its financial collapse under the control of tycoon businessman Jim McColl were due to deliver accounts on December 31 but it has been confirmed thet are still due.

Ferguson Marine have confirmed that the problems relate to issues with the audit while finalising their financial statements and say they do not believe the accounts will be filed till the end of March.

The firm says that the issue is a matter beyond their control, and that it has assurances it will not be dissolved.

According to Companies House a complete failure to file accounts is a criminal offence and directors can be personally fined in criminal courts.

Companies House, the UK Government executive agency which oversees the incorporation of firms across the nation has triggered a "strike off" process which could see Ferguson Marine and three other allied companies that are trying to deliver two long-delayed lifeline ferries formally closed.

Ferguson Marine have indicated that the accounts may not be lodged till the end of March.

The Herald: David Tydeman, chief executive of Oyster Yachts. Picture: Joe McCarthy

Glen Sannox and Hull 802 were due online in the first half of 2018 when Ferguson Marine was under the control of Mr McColl, with one initially o serve Arran and the other to serve the Skye triangle routes to North Uist and Harris, but they are at least five years late. The last estimates suggested the costs of delivery had more than quadrupled from from the original £97m cost.

David Tydeman, chief executive of Ferguson Marine said: “We have been in communication with Companies House since missing the deadline and have explained the reasons for the delay that is currently beyond the directors’ control.

"We have been assured that Ferguson Marine will not be removed from the register provided we meet the undertakings we have given on filing by the end of March.

"We expect the accounts to be filed by end March, following adoption and approval by the Scottish Parliament, planned for mid-March. The directors and management team remain fully committed to delivering the two hulls currently under construction and winning new contracts to secure the yard’s future. This short term issue does not affect our ability to keep trading and continue the work in progress.”

Scottish Conservatives shadow transport minister Graham Simpson said: “This is a scandalous dereliction of duty and just another episode in the sorry saga of Ferguson Marine.

The Herald:

“Ministers need to tell us why the company that they own has got itself in such a mess that it risks being struck off.

“Astonishingly, the SNP’s ferries scandal continues to get even worse. This week alone, we have learned of four safety breaches putting workers at risk and now unacceptable delays in accounts being filed.”

The compulsory strike off process only begins after the firm is sent at least two formal letters of warning while detailing the issues they have.

The first strike off notices, which are expected to be published publicly in four days time, declares that the firms have two months before they are struck off and cease to exist as an official company.

Ferguson Marine can dispute the strike off and apply for a suspension application to Companies House, but would be expected to resolve the issues that led to the process starting, including filing the missing financial statements and sending off other relevant business information. They may also have to provide proof that they are still trading.

According to insolvency experts, as long as you can prove the company is viable and should not be struck off, there is a chance it will be suspended or discontinued.

One ferry user group official said serious questions should be answered over the continuing failures - after new executives were brought in to turnaround the shipyard.

"The issues with delivering our ferries delivers embarrassment after embarrassment. It beggars belief that this process has had to be started and it just raises wider concerns about the management of the yard under the relatively new leadership."

Ferguson Marine appointed David Tydeman as its new chief executive officer to lead the business to "sustainable growth" last year.

His appointment was greeted by finance secretary Kate Forbes who described it as an "important milestone" for the company and "reflects the progress made since the Scottish Government stepped in to save the yard and the jobs".

Ferguson Marine while saying that they are taking the matter seriously, has so far failed to explain what the audit issues were that have caused the problems.

Mr Tydeman added: “The directors are disappointed to have missed the end of December deadline which is largely due to our auditors Grant Thornton closing some outstanding issues with Audit Scotland and the Scottish Government. Following adoption and approval by the Scottish Parliament, planned for mid-March, we expect the accounts to be filed with Companies House by end March 2023.”

A Scottish Government spokesman said: "The first Gazette notice is related to the filing of the annual accounts of Ferguson Marine for the 2021-22 financial year. The filing of accounts is an operational matter for Ferguson Marine which will ensure the accounts are filed at Companies House as required.

“The Scottish Government has allocated funding for Ferguson Marine in both the 2022-23 and 2023-24 financial years as laid out in the associated Scottish Budgets.”