Aberdeen oil service group C&M had debts of more than £33million when it went into administration, it emerged yesterday.
This figure was revealed in a statement of affairs of the business just lodged with Companies House.
A spokeswoman for administrator Deloitte said there would be no return for unsecured creditors.
More than £30million of the debts related to the C&M Marine Services operation.
C&M went into administration on July 28 after suffering cash-flow difficulties.
Deloitte has not given reasons for these difficulties, but C&M had been hit by delays and overspending on a ship conversion in the US.
This project was being managed by subsidiary C&M Marine Services.
The vessel is a 14,000-tonne former Russian naval ship, which was planned to become the world’s first ice-breaking floating hotel, called the Ice Maiden.
In May, the ship arrived in the Tyne, where A&P Tyne had won a £30million conversion contract.
The vessel is currently up for sale.
The administrators said last month that 39 jobs in Aberdeen had been saved by the sale of C&M’s electrical engineering division.
The unit was bought by Dunfare, which also owns local electrical contracting business M&M Services.
The group’s US-based subsidiary, C&M Marine USA, which provides marine accommodation and engineering services, has not been affected by the administration move.
C&M was subject to a management buyout at the end of 2006.
Energy sector investment firm Lime Rock Partners committed more than £45million to fund the buyout and for investment.
In addition, Royal Bank of Scotland completed a £30million debt package for C&M in March last year.
An investigation into management of the C&M business late last year led to two directors being sacked.
Alisdair Harrison, of Arbeadie Avenue, Banchory, and David Kellas, of Burnside Road, Bathgate, were suspended and dismissed following an internal disciplinary process.
The pair have always strenuously denied any wrongdoing at C&M.
Mr Harrison said yesterday he was surprised at the debts figure of more than £33million and questioned how it had been calculated.
He has previously said he was unable to comprehend the situation a previously successful and profitable business such as C&M had now found itself in.
Mr Harrison has put a series of questions to the administrators about C&M and its finances.