Before Squibb went under late last year it tried to strike a Company Voluntary Arrangement with its creditors.

In the CVA proposal it was estimated the company owned outright plant and equipment worth £2.5m plus cars worth £264,000 and £200,000 of scrap metal.

But auctioneers sent in by the liquidators to value the assets only found plant and equipment worth £167,000 at the company’s sites. There was also no sign of any scrap metal or cars.

The latest update from liquidators Interpath states: “The fate of these assets will be investigated by the Joint Liquidators.”

The report added that Squibb also had plant and machinery worth £5.3m subject to third-party finance.

It said: “We understand that many finance companies repossessed their financed assets prior to and since the commencement of the liquidation.”

Unsecured creditors have so far posted claims for £42m including a single claim of £14m from HMRC.