Former Tolent staff told to forget about getting missing £600,000 back

Administrators have told staff owed nearly £600,000 by Tolent’s 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 £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 “unlikely” staff owed money would get any of it back while HMRC was told it was “highly unlikely” it would see any of its missing cash as well.

Unsecured creditors, owed close to £45m, were also told the chances of getting a dividend were “highly unlikely”.

Secured creditor, finance firm IGF, is set to receive all of its outstanding £4.7m back through “asset realisations” across Tolent.

Interpath said it has paid back £625,000 to IGF following the sale of two leasehold properties it owned. Tolent’s former head office in Gateshead is currently up for sale.