Even secured creditor Bank of Scotland is unlikely to recoup all of the £4m it is owed, according to a report from administrators at Zolfo Cooper.

The news will come as a bitter blow to many cash-strapped firms in Scotland who have looked on as new companies have been set up by former directors in the wake of the collapse.

A UBC management team bought the surviving main business asset Wyvis Roofing from the administrators.

Former UBC chief executive James Pedrana now heads up new firm UB Herbrides and fellow UBC board director Colin Peteranna runs UB Civils, which have taken on some of the group’s former contracts.

The £30m turnover UBC, previously known as Uist Builders, went down in May owing £4.9m to more than 400 trade creditors and staff.

Building services contractor Rotary (Scotland) has been hit for nearly £300,000 and Caley Timber and Building Supplies will lose £290,000.

Around 240 former staff are also unlikely to get the full wages they are owed because of the large shortfall in cash raised from selling assets of UBC.