Unsecured creditors owed £115m following contractor’s collapse

The amount owed to suppliers and subcontractors following the collapse of utilities giant nmcn has reportedly risen to around £115m – and it is “unlikely” they will see any of it back according to administrators Grant Thornton.

The Nottinghamshire-based company – which specialised in major built environment and critical national infrastructure projects across the UK – sank into administration last October with estimated debts of around £60m.

A new report filed by administrators Helen Dale and Nigel Morrison at Grant Thornton reveals the figure has almost doubled to £115.3m, with several companies still owed six-figure sums.

While some divisions of the failed firm were purchased by competitors following its collapse, around 80 jobs were lost in nmcn’s building division.

The administrator’s report states: “It is currently unlikely that there will be sufficient funds to make a distribution to unsecured creditors.”

Over 3000 companies could lose out if the situation remains unchanged.