The company, which entered administration last September, resulting in 67 job losses, has amassed debts exceeding £10 million.

Alvarez and Marsal, the administrators, have raised just over £400,000 in the past six months, a fraction of the outstanding debt. This includes £6.7 million owed to unsecured creditors, notably £2m to subcontractors.

In their latest progress report filed with Companies House, the administrators detailed: “To date, £404,428 has been realised in relation to WIP and retentions against the £939,389 Statement of Affairs value. £29,300 has been realised in relation to book debts against a value of £546,476 in the Statement of Affairs.”

The secured creditor, Bank of Scotland, owed £541,000, is expected to be paid in full, utilising the company’s credit balances and recovered funds.

The sale of company assets, including vehicles, plant machinery, and its Aberuthven headquarters and a Croy property, has contributed to the recovered funds. However, these realisations are insufficient to cover the significant debts.

Preferential creditors, including employees owed wages and holiday pay, and HMRC, are anticipated to receive a distribution. The latest administrator’s report indicates that “it is highly unlikely there will be a dividend to unsecured creditors.” The administration costs are estimated at £920,000.

Simultaneously, Hadden Construction Holdings, the parent company of Hadden Construction Ltd, is also undergoing voluntary winding-up, with Begbies Traynor appointed as liquidators.