The Court of Session in Edinburgh approved the extension, requested by administrators Teneo, to allow for the sale of remaining assets and the conclusion of employment tribunal claims.

SMG collapsed in January, leaving debts exceeding £100 million. Hundreds of ordinary creditors, owed over £33m, have been informed they will not receive any money back. Teneo anticipates only secured creditors, primarily the Bank of Scotland, will be paid.

The Westhill-based housebuilder had 329 employees when it ceased trading, with 217 made redundant immediately. Eight construction projects were left unfinished. In the first six months of administration, five sites were sold for £15.7m. Milestone Developments has acquired two of these sites.

Teneo’s fees for the first six months have exceeded £6m, averaging over £1m per month. Teneo has not yet taken any payments, The Courier reports.