Construction Enquirer Amount owed to supply chain by collapsed contractor keeps growing
The amount owed to subcontractors and suppliers following the collapse of nmcn has nearly doubled to £115m.
The latest administrator’s report filed at Companies House by Grant Thornton reveals the updated debt estimate – with unsecured creditors unlikely to get a penny for their worthless invoices.
The previous update last October put supply chain debts at £60m.
That has now soared to £115.3m with more than 3,000 subcontractors and suppliers owed cash.
The report states starkly: “At present, there is unlikely to be a dividend payable by the companies to this type of creditor.”
Secured creditors including investor Svella and other financial institutions are expected to receive money owed to them in full.
Grant Thornton said it had incurred time costs and expenses of nearly £6m during the latest stage of the administration.