ISG’s administrators have told subcontractors they don’t expect “there will be any funds available” to pay the money they are owed.
In a letter “to all known creditors” across five of the eight companies that filed for administration on 20 September – Central Services, Construction, Engineering Services, Fit Out and Retail – EY said that “at present, it is not anticipated that there will be any funds available for a distribution to creditors”.
“No further work will be undertaken on existing UK contracts, including for Construction, Fit Out and Engineering Services,” the document continued.
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