The scale of the debts is highlighted in an update from administrators at insolvency specialist Leading.
The report also confirms that Leading will be looking-into the novation of contracts to a sister company called Millharbour FM Ltd before Haydon went into administration in early August.
Companies house records show that Millharbour FM has some of the same directors as Haydon.
The report states that the contracts were novated for £100,000 and “effected the release of significant retention funds to the company” and “avoided significant damages claims against the company in respect of these contracts.”
It adds: “We shall consider the novation agreement in further detail to ensure that it does not constitute a transaction at an undervalue.”
The collapse comes a year after Haydon entered a Company Voluntary Arrangement with its creditors in August 2022 following cash flow pressures.
The CVA deal was designed to distribute at least £7.2m to creditors at the rate of £200,000 a month starting in November 2022 with suppliers getting at least 80p in the £1 back for their debts.
At the time of the CVA Haydon had a loan agreement in place with its former parent company Mears who sold the firm to its management for £1 in 2013. Mears agreed to postpone all loan repayments for at least 18 months while Haydon worked through the CVA.
The administrator’s report reveals Mears was owed £2.2m.
Latest results for the London based M&E specialist show it had a turnover of £66.2m for the year to December 31 2021 generating a pre-tax loss of £6.2m.
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