Administrators for specialist Malin Industrial Concrete Floors are considering issuing a claim against its former directors.
The Greater Manchester-based firm, which worked mainly on laser screed flooring for major contractors including Buckingham Group and Sir Robert McAlpine, went under in February 2023.
A report by Forvis Mazars, published last week, said that the company’s commercial offices and warehouse in Sale were sold before administrators were appointed.
In the £25.6m-turnover firm’s final draft management accounts they were valued at £760,000.
Administrators have been trying to agree a settlement for months, with one of the former firm’s two directors making an offer last year.
The insolvency specialists said that they asked for income, expenditure and asset information from both directors but did not receive a response.
It had a legal claim issued to the pair in October last year, giving them 21 days to respond, the administrators’ update said.
This was extended by 21 days after a solicitor on behalf of the director that had not made the offer asked for more time.
“Unfortunately, no response was received by the deadline and the solicitor later confirmed that they were no longer instructed,” the administrators said.
The administrators said they have been speaking to solicitors and creditor representatives to agree next steps in a “potential claim against the directors” this year.
The report said no further comment could be made on the potential claims at this stage.
Some 93 unsecured creditors have submitted claims worth a combined £6.1m so far, with Bibby Financial Services owed £1.2m for a loan.
HMRC has submitted a final claim of £326,788, of which £78,116 has been claimed as preferential and £248,672 claimed as non-preferential.
The finance company has been repaid £634,482 so far.
It is not known how much will be raised in total to repay creditors, the administrators’ report added.
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Ian Weinfass