Administrators of a London-based groundworks specialist have received almost 100 claims for money from unsecured creditors.
Corbyn Construction went under in May, blaming cashflow problems partly caused by suppliers reducing their credit terms.
A newly published report by administrators at FRP this week said that 99 unsecured creditors had put in claims worth a combined £2.69m. These had not yet been assessed for validity.
The administrators do not expect any money to be made available to those companies.
FRP said in July that it expected unsecured creditor claims to reach £4.4m.
Secured creditor NatWest ranks ahead of trade creditors in the pecking order of payments through money raised in the administration and is owed £2.55m.
It is not known whether the bank will be paid back in full, but it is first in line for the proceeds raised from the sale of property and land that was owned by Corbyn Construction.
The new report also revealed that FRP expects to extend the administration period beyond the initial expiry date of May 2026 as the property and land sales are unlikely to be completed before then.
Corbyn Construction, which had been trading for around 35 years, faced the threat of a winding-up petition from HMRC when it went under.
The tax body lodged a claim for £1.3m, but FRP said it was uncertain if it will receive any cash as a result of the administration.
Corbyn Construction delivered groundworks and reinforced concrete frames for large main contractors, developers and housing associations across the capital.
According to a previous report by FRP, its problems began when it suffered a £5.2m loss on £46m turnover in the year to 30 June 2022. The war in Ukraine, supply chain pressures, increased labour costs and raw material shortages were blamed for the performance.
The firm edged back into profit in its next set of accounts, though revenue fell to £32.8m, with fewer tenders won as its management attempted to focus on higher-margin jobs.
Read More
Ian Weinfass