A creditors meeting will be held on 21 September at the administrator’s Manchester office to outline proposals.

According to a KPMG report Airedale was trading profitably up to the early part of this year. But squeezed margins and clients deferring payments or paying suppliers directly hit cash receipts.

Airedale M&E was also liable for a £1.7m cross guarantee for 90% owned subsidiary Airedale Electrical, which had to be paid when this firm went down last May.

The £50m turnover firm’s problems were crystallised when electrical supplier Rexel (UK) and Speedy Assets Services issued a winding up petition in June.

The company, which had been awarded a £10m contract at 60 Holborn Viaduct by Balfour Beatty in May, was working on 26 contracts worth £7.1m when its main bank Santander called in the administrators with the loss of 132 jobs.

KPMG warned that recovery on contracts will be “significantly impacted” by customers looking to offset damages and exercise breach of contract and termination clauses.

Airdale’s company aeroplane was grounded at Southend airport after developing a mechanical fault

Administrators said they are still raising cash from the sale of assets, including a twin-prop aeroplane that must be repaired but could bring in £300,000.

Santander and H M Revenues and Customs are each owed around £1m, with unsecured trade creditors owed £8.3m.