Six offers were made for parts of the business after it collapsed into administration last October but the one made by Elan Homes, set up by the group’s management team and led by finance director John Kendrick, was accepted.

Elan Homes bought the company in November, securing around 90 jobs. Equity and debt funding was provided by Barclays.

David McLean’s final debt figure stood at £98m, with £73.2m owed to secured creditors and a further £24.8m to unsecured creditors.

The firm’s administrators said the downturn in residential property in 2008 had a significant adverse impact on the value of land and building work. This, along with a slowdown in the volume of properties sold, put pressure on the group's cashflow.

“These assets were financed by a land and buildings loan provided by the group’s banking syndicate and required a significant write-down of the balance sheet carrying value of assets,” said the report.

The Deeside-based house-builder had an annual turnover of £160m and employed about 320 people.