FIRMS hit by the collapse of the company formerly named MSC Europe may have to wait years to see if they will get any of the millions they are owed, it has emerged.

The ill-fated Hampshire ship refitters went into administration after building up massive debts of £3.1m.

Bosses John Wood and Chris Rogers sparked anger by driving supercars worth £200,000 up to the collapse and later buying back parts of the business in March last year.

The name of the unwanted left-overs was changed to Realisations Ltd – which has just gone into liquidation – while the re-launched MSC Europe continues to trade.

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The Daily Echo understands officials will be chasing up money owed to the defunct company but it could take years and still result in creditors walking away emptyhanded.

Small suppliers and staff were among the worst hit by the original company’s decline with bills and salaries going unpaid.

Smith & Williamson’s Greg Palfrey, director of restructuring and recovery services in Southampton, said: “Realisations Ltd has gone from administration into liquidation and is now in the hands of the official receiver in Southampton.

“The liquidation is a formality and the liquidator will be dealing with any further recoveries.”

Mr Palfrey was the joint administrator when the original MSC Europe Ltd became insolvent, selling the business to a newly-formed MSC Europe, claiming it was the best offer and therefore in the best interests of creditors.

A former member of staff, who wished to remain anonymous, said: “It really stings to see the company bosses doing well while the rest of us have to live with the consequences of their actions.”

Another said: “I don’t think anyone who is owed money believes they will get a penny back. I think it’s disgusting but inevitable.”

Bosses attributed the collapse to a foreign shipyard that they said had not paid instalments on a £2.4m contract.