The group failed in July 2016 leaving an estimated shortfall of £48.9 million. Paul Evans, Lawrence Hunt and Salman Rasooi were the directors, according to the creditors report.

Now the administrators have published a progress report with confirmation that the credit card acquirer dealing with the group has submitted a claim for almost £70 million across all five companies, and that all unsecured creditors remain unlikely to receive dividends.

Under the heading “Investigations”, the report explained that the administrators – which include representatives from Smith & Williamson and CMB Partners UK – have a duty to make a submission to the secretary of State for Business, Energy & Industrial Strategy on the conduct of the firm’s directors.

The report read: “We made an initial assessment of whether there could be any matters that might lead to recoveries for the benefit to the creditors and what further investigations may be appropriate.

“This assessment took into account information provided by creditors either at the initial creditors’ meeting or as a response to our request to complete an investigation questionnaire.”

The document stated that the administrators had determined there was indeed “sufficient cause for a detailed investigation into the circumstances leading to the companies’ insolvency”.

They are reviewing a number of possible actions that may be taken to recover funds for the benefit of the creditors and expect the process to take “some time”. The report continued: “The investigation remains confidential due to its sensitive nature and to avoid prejudicing any potential legal actions that the administrators may wish to take.”

Any proposed legal action will be put to the creditors committee (if applicable) before proceedings commence “to ensure the outcome of any litigation is cost-beneficial to the creditors as a whole”.

The administrators’ investigation would include reviewing the firms’ books and records, interviewing key personnel, investigating financial transactions “and the general conduct of the directors”.

They anticipate the work will cost £150,000, with expenses of £100,000.