The Inverness Courier reported that receiver KPMG is trying to establish whether HQC received a fair price for the goods.
Neil Armour, associate partner with KPMG, revealed that a considerable number of assets were apparently sold to unnamed third parties in the months leading up to HQC’s failure in June.
He said: “Investigations into these sales are continuing.
“We are aware of a number of creditors’ concerns and would be happy to receive information that creditors can provide.
“If the assets were sold without raising fair value we will raise the appropriate action to remedy that.”
One director told the Courier he was unaware of any equipment being sold prior to the receivers being appointed and insisted all the directors had behaved properly.
A report into the directors of HQC will also be submitted to the Department for Business Innovation and Skills (BIS) as part of the standard receivership process.
Armour said: “BIS will then decide whether the conduct of any director was appropriate or not.”
A meeting of creditors was told last week that HQC owes in the region of £16m. Its assets total less than £500,000.