HM Revenue & Customs is likely to be receive only 9p in the pound on debts owed to it by collapsed firm Vantis.
HMRC is owed £2.8m in VAT and £8.6m in PAYE - a total of £11.4m, however, they are likely to be paid just £1m, according to administrators.
The latest filing at Companies House showed Vantis' other debts amounted to £68m, including £58m owed to banks.
Among the creditors listed is Ernst & Young, owed £4,700.
Chad Griffin and Simon Granger, both from FTI Consulting, were appointed joint administrators to the firm on 29 June.
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