Employee entitlements totalling $16 million are in limbo and subcontractors have little chance of getting what they are owed after administrators KordaMentha told a creditors meeting yesterday the company was hopelessly insolvent.

Retrenched staff could expect up 75% of their entitlements but subcontractors and suppliers, owed $89 million, are unlikely to receive a cent from the company wind-up.

KordaMentha warned unless $38 million was coughed up by Walter's bankrupt German parent Walter Bau subcontractors would not be paid.

Walter had total realisable assets of between $17 million and $26 million, and contingent liabilities of $61 million.

Interest in the group’s profitable mining division has been strong with Abigroup, Baulderstone Hornibrook, Clough and Continental Mining possible suitors.

However, only three of Walter's 25 construction projects were cash positive including the Parramatta railway station and Gosford/Wyong hospital projects. Disposal of these viable building projects is expected within days.

The company collapse last week followed news parent company Walter Bau had filed for bankruptcy.