Over 450 creditors – most of them unsecured – are owed €22.4 million by one of the largest Toyota dealerships in Ireland, Tom Hogan Motors, that went into liquidation last month with the loss of almost 200 jobs.

A statement of affairs circulated to the Tom Hogan Motor Group’s creditors, outlining the scale of the group’s financial difficulties, states that the group’s estimated total deficit is €20.3m after taking into account the realisable €2.1m in assets.

A creditors’ meeting was held in Limerick this week and the statement shows that the unsecured creditors are owed €17.8m and preferential creditors – including the Revenue Commissioners – are owed €4.6m.