A major plumbing company has quietly collapsed into liquidation, with all 150 of its employees losing their jobs on the spot because of its demise.

In March, Victoria’s largest privately-owned plumbing contractor Richstone Group Pty Ltd and seven related entities went into voluntary administration to urgently restructure the business.

The restructuring attempt ultimately couldn’t turn things around. News.com.au can reveal that on June 19, the company filed liquidation papers.

David Coyne and Peter Krejci of insolvency firm BRI Ferrier were the joint administrators and are now serving as its liquidators.

Documents submitted to the corporate regulator and obtained by news.com.au show that Richstone Group owes $22.399 million to creditors.

Despite the staggering figure, there was just $61 left in the bank when they took over the company.

The firm’s total assets are estimated to be around $10 million and unsecured creditors are expected to receive between 0 and 15 cents for every dollar they are owed.

Liquidators sold the “majority” of the company’s assets for $4.8 million, in a sale that the Supreme Court of Victoria approved.

In a casual note lodged with ASIC, Richstone’s liquidators stated that following a…