North East construction company Tolent Plc collapsed owing debts in excess of £46m to more than 1,000 creditors, new documents reveal.
The Team Valley-based group fell into administration in January, telling how huge losses on its largest ever contract – the £85m Milburngate development in Durham – led to its eventual demise and 356 redundancies. Administrators at Interpath Advisory were appointed to seek solutions for the assets of the group.
Now, two statements of proposals from administrator Interpath Advisory have been issued covering Tolent Plc and Tolent Construction. The document covering Tolent Constuction includes details for Tolent Plc and other businesses including Tolent Living, Tolent Solutions and Tolent Homes. The statement of affairs for the group, which was involved in 16 live contracts when it collapsed, shows the total deficiency topped £47.96m, and administrators said unsecured creditors owed more than £46m are unlikely to recoup any cash.
