DOZENS of suppliers of a former award-winning Belfast engineering firm will be left out of pocket to the combined tune of more than £2 million after its shock collapse in February.
All 150 jobs at Williams Industrial Services (WIS) in Mallusk were lost when the company - set up in 1983 by one-time Entrepreneur of the Year finalist John Toner - went under.
And the extent of the debts left behind have been laid bare in an update report from administrators PwC, which show that what had once been one of the largest providers of environmental engineering technology on the island of Ireland owed around £7 million.
WIS's assets like property and factory machinery are thought to be worth £5m at best (at one stage the company had an annual turnover of £50m).
And Allied Irish Bank, as a secured creditor, will have first call on funds raised from the disposal of those assets.
But PwC said the bank will still suffer "a significant shortfall", and that in turn will mean that creditors and those suppliers owed money are unlikely to see a penny.
According to documentation filed at Companies House, the big losers will be two in Co Tyrone-based firms which are thought to be owed £500,000 each (though some other firms may have insurance policies which will protect them against losses).
PwC said that, in the circumstances, it did not think "there will be any funds available" for more than 200 businesses owed money.
Just before Christmas workers at WIS were told that the company had a "strong order book" and a "tremendous amount of potential", only to find out two months later that they were all being made redundant.
At the time, Mr Toner said he had been in contractual talks with his bank and had "explored all possible rescue options" before regrettably pulling down the shutters.
