More than £12m was owed by the developer behind a 900-home scheme in Salford Quays before it entered administration, new documents have revealed.
Begbies Traynor was appointed as administrator to Beaumont Morgan Developments in January with all 22 employees made redundant.
The firm was the construction arm of Fortis Group and was based at Lancastrian Office Centre on Talbot Road in Stretford.
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Established in May 2011 by Reginald Beaumont and Gareth Morgan, Beaumont Morgan had been delivering the 900-home Fortis Quay at Salford Quays.
The scheme includes four blocks, with the tallest rising to 27 storeys. It also features the 290-home Northill while Mariners Quay and Victoria Quay have a combined 336 apartments and had been due to be completed in 2024.
The company had been building the fourth block, Amplify, for housing association Clarion. That scheme features 271 apartments.
According to documents filed with Companies House by Begbies Traynor, more than £12m was owed by the business to creditors before it entered administration.
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Fortis 海角视频 Holdings was owed more than £4.4m but the administrators said it "we do not anticipate that realisations will be of a sufficient level to facilitate any distribution" to the firm.
Begbies Traynor added that there will be enough funds to repay HMRC the more than £1m it is owed.
However, it said there will not be enough money to repay the c.£7m owed to unsecured creditors.
In documents filed with Companies House, Begbies Traynor said: "It was apparent from our initial review of the company's financial information that the company would soon run out of cash and that its contracts with the connected company developer clients were set to be terminated due to non-performance.
"It was also evident that the future contractual receivables for the Grapnel development could ne outweighed by the required costs of completion and therefore that the company's future prospects were bleak.
"The company had built up significant levels of trade debt, amounting to c.£7m at this time, and had fallen behind with its obligations to the Crown."
The firm's latest financial accounts, for the 12 months to March 27, 2020, show it reported a turnover of £47.1m, up from £40.2m, and a pre-tax profit of £64,400 after posting a loss of £72,165 during the prior 12 months.
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According to those documents, the business employed 61 people during that financial year.
Its most recent accounts were due to be filed with Companies House by December 27, 2021. Begbies Traynor said its indicative turnover would have been £54.1m.
However, the documents filed with Companies House by the administrator said the company's turnover had dropped to £10.4m in the eight months to December 2021.