Tolent’s administrators have said the collapsed firm will be unable to pay most of its debts, leaving former staff £584,000 out of pocket.
Interpath, the company appointed to oversee the administration of the companies in the Tolent group, also said that HM Revenue & Customs was also unlikely to recoup the £1.3m it is owed and dozens of further creditors are set to receive nothing.
The only creditor likely to receive a payout is asset-based lender IGF, which is owed £4.7m.
£625,000 has already been returned to IGF through the sale of two of Tolent’s long-leasehold properties, Cleveland House and Kildale House in Stockton.
The properties were bought by Brims, which also took over the firm’s industrials business. Tolent’s former headquarters Ravensworth House is still on the market.
Interpath wrote that IGF’s debt is likely to be repaid in full.
The administrator said it had so far collected £749,000 of book debts.
Tolent employed around 356 people when it went into administration in February. Eighty-six employees were initially retained to help wind down the company, but have since also been made redundant.
The Gateshead-based contractor racked up significant losses on a mixed-use development in Durham. Tolent founder John Wood called the company’s demise “tragic” in an interview with Construction News.
