The contractor has confirmed total debts of £105m to The Post across its operations in Ireland and the UK.

Industry experts fear that bad debts owed to trade contractors could increase to £50m as receivers from KPMG wade through the books.

A statement from the firm’s directors said they ‘‘very much regret that creditors will lose money as a result of what has happened to the company’’, and apologised to its suppliers and staff.

Local reports put the trade debt at at least £18m but KPMG was unable to confirm exact figures to the Enquirer.

KPMG is hoping to find buyers for Elliott’s ongoing contracts including block N14 of the 2012 Olympic Athletes Village and a new hospital in Enniskillen in Co Fermanagh.

The Olympic Delivery Authority is currently in talks with the receiver and the Athletes Village developer Lend Lease about completion of Elliott’s £30m contract in east London.

An ODA spokesman said: “This issue relates to only one of the 11 residential plots in the Village – construction work across the wider Village site remains unaffected and firmly on track.”

Two winding-up petitions lodged by subcontractors against Elliott, which were due to be heard yesterday, were withdrawn following the appointment of receivers.