Ilke Homes went under owing £320m

Ilke Homes collapsed owing £320m.

The scale of the modular house builder’s debts can be revealed after the Enquirer saw a statement of proposals issued to creditors by administrator AlixPartners.

Ilke went into administration in June after running out of money and failing to find a buyer for the business.

Money owed to unsecured creditors was £249m with the vast majority – £226m – made up of inter-company debts associated with losses suffered by equity investors.

Ilke Homes owed subcontractors and suppliers £17m and the tax authorities £2m plus £68m to Homes England.

Sister development company Ilke Homes Land also collapsed owing £14m to subcontractors and suppliers and £21m in inter-company debts.

The administrator’s report also revealed that Ilke Homes had just £26,000 in the bank when it went under and the administrator’s have racked-up £400,000 in fees so far at an average hourly rate of £446.

One creditor said: “The numbers are just mind blowing. It makes you wonder what on earth was going on at the business to allow things to get that bad.”

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