Investors in a series of hotels and care homes - some of which were never built - have moved a step closer to finding out what happened to millions of pounds they handed over to financier Gavin Woodhouse.
The High Court has given accountants powers to find out what happened to money invested in Northern Powerhouse Developments, the firm behind the proposed Afan Valley Adventure Resort, as well as other companies controlled by the same businessman.
The judge granted interim powers to the accountancy firm Duff & Phelps.
This is not just insolvency; it is about what has been going on behind the curtain of limited liability. These inter-company loans [have been] written off in their millions [of pounds]. This is investors' money."
The Welsh Government had been enthusiastic about the Afan Valley project, with the Economy Minister, Ken Skates, appearing in a publicity video.
Today, First Minister Mark Drakeford was questioned about it in the Senedd by the Plaid Cymru leader, Adam Price.
Could I finally turn to some news that has broken in the last few hours, which is the interim administration order against the company involved in the Afan Valley adventure resort? The judge in that case has today said of the company, Northern Powerhouse Developments, that theirs was 'a thoroughly dishonest business model' and 'a shameful abuse of the privileges of limited liability trading'.
Let me give Members this assurance: not a single penny of Welsh money from this Government has gone to that company, and I'd be grateful if the Member would make that clear in any letter he intends to write.
There'll be a full court hearing at a later date, when the judge is likely to decide whether to put the businesses into formal administration.