Nearly 40 firms owed £100,000 or more by collapsed Midas as unsecured creditors face millions in losses

By Dave Rogers2022-02-23T10:52:00

Stricken firm’s construction arm owes 1,400 companies more than £19m

The scale of the losses facing Midas’s subcontractors and suppliers has been laid bare in an administrators’ report which shows that nearly 40 firms are owed at least six figures by the collapsed firm – with one firm looking at a near £600,000 black hole in its accounts.

Nearly 1,800 unsecured creditors have been told they won’t be getting any of their money back, the report by Teneo Financial Advisory warned. “We do not anticipate that sufficient funds will become available to enable any payments to be made [for unsecured creditors].”

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