Firm sank into administration in February
Administrators have told staff owed nearly 拢600,000 by Tolent鈥檚 collapse earlier this year that it is unlikely they will see a penny of their missing cash returned.
In an update on Tolent Construction filed at Companies House, Interpath said the amount owed to former staff was 拢584,000 in missing wages and holiday pay.
At the time of its implosion in February, the contractor, which was set up in 1989, employed 356 people all of whom were eventually made redundant.
In its update, Interpath said it was 鈥渦nlikely鈥� staff owed money would get any of it back while HMRC was told it was 鈥渉ighly unlikely鈥� it would see any of its missing cash as well.
Unsecured creditors, owed close to 拢45m, were also told the chances of getting a dividend were 鈥渉ighly unlikely鈥�.
Secured creditor, finance firm IGF, is set to receive all of its outstanding 拢4.7m back through 鈥渁sset realisations鈥� across Tolent.
Interpath said it has paid back 拢625,000 to IGF following the sale of two leasehold properties it owned. Tolent鈥檚 former head office in Gateshead is currently up for sale.
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