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Dozens of unsecured creditors of collapsed drylining firm Astins including trade contractors and the firm鈥檚 employees have been told the maximum they can expect to recoup of their missing 拢12m will be just 拢500,000.

The Crawley-based firm sank into administration earlier this year after nearly a quarter of a century in business.

As the firm prepares to go into liquidation, an update from administrator Leonard Curtis promised out of pocket creditors they will get something back from the collapsed firm鈥檚 contractual assets.

But the estimated figure of between 拢200,000 and 拢500,000 represents less than 5% of what they are owed.

And the report, filed at Companies House last month, warned that any money returned would be 鈥渟olely dependent鈥� on how much Astins鈥� contractual assets would fetch, admitting: 鈥淣o recoveries have been achieved to date.鈥�

It said the covid-19 pandemic had delayed project completions and the release of money but Leonard Curtis said it was 鈥渃onfident that recoveries will be achieved鈥�.

Astins, which also carried out fit-out work, sank into administration on 5 February and in a report issued the following month Leonard Curtis said the firm was hit by a 拢1.3m bad debt from the collapse of Carillion in January 2018 and last year had been forced to stump up 拢3m to cover the cost of remedial work on a former project in Peterborough.

The administrator said these two issues 鈥渢ogether with a number of smaller remedial works that the company was required to carry out at its own expense on other historic contracts鈥� began to put the squeeze on the firm鈥檚 access to cash.

Less than two weeks before it collapsed, Astins received a summons in respect of a claim brought against it and others from Multiplex relating to an unnamed hospital job in Scotland. Leonard Curtis said the claim Astins was facing ran up to 拢6.7m.

It later emerged that Multiplex is one of several firms being sued for 拢73m by Scotland鈥檚 largest health board, NHS Greater Glasgow and Clyde, over a string of alleged defects at Glasgow鈥檚 Queen Elizabeth university hospital. The 拢575m scheme was completed in 2015.

Unsecured creditors were owed nearly 拢12m when Astins collapsed, the bulk of it to a string of trade creditors who were left nursing a 拢9.7m hit. HMRC was owed a further 拢737,000 while the firm鈥檚 188 employees, made redundant before the administration, were facing a deficit of 拢1.5m in missing wages and redundancy payments.

In its latest report announcing the firm鈥檚 move into a creditors鈥� voluntary liquidation, Leonard Curtis said secured creditor NatWest Bank had been paid its missing 拢33,316 while Astins鈥� employees have been told they will be able to share nearly 拢149,000 in missing wages and holiday pay 鈥� capped at 拢800 each.

The report also revealed Astins had a Swedish Krona account with the equivalent of 拢158,666 in it. It said the amount was initially at the centre of a dispute between the administrator and a connected company but the money was now in the hands of the administrator.

Astins has a wholly owned subsidiary based in Sweden called Astins BYGG.

In provisional accounts for 2019, Astins saw turnover slip 15% to 拢43.4m with the firm slumping into the red, racking up a pre-tax loss of 拢257,500 from a pre-tax profit of 拢1m in 2018.