Dozens of businesses look set to be left more than £1 million out of pocket between them after the collapse of a Midlands marketing services agency.
The Brierley Hill-based firm Business Development Workshop (BDW) is in liquidation with little chance of its unsecured creditors seeing a penny of the cash they are owed.
And now the boss of crashed company says he has set up shop again - operating in the same field and from a different premises at the same site at The Waterfront.
Mr Alec Thompson said he was sole director with BDW when it went into liquidation was had now set up a new company called Tango Marketing.
He said: "It's a very difficult situation. We were left with a debt well into six figures and it came to a point it was clear it was impossible to continue. We did everything we could to keep going but in the end we had to take the expert advice and go into liquidation.""
He said he tried to ensure his customers and suppliers were kept informed and he had received messages of support.
The new business was set up near near to BDW's former site at E2 Hagley Court North, The Waterfront, Brierley Hill.
The liquidators Butcher Woods Corporate Recovery told creditors in writing on July 29 that the business traded successfully for over 14 years, developing a range and mix of blue-chip as well as smaller clients.
But "in recent months the company had been affected by client bad debt which in turn required major cost base restructuring within the business."
The Birmingham Post has learned the company owed more than £1.1 million to its unsecured creditors - but liquidators expect its assets to bring in just £50,000.
A source close the the liquidators said in any case the Yorkshire Bank has first call on the money - and it is owed around £111,000.
Mr Thompson believes the total owed to small businesses may be less than £1.1 million when figures for larger bodies - such as the Inland Revenue - were taken into account.
Liquidators told creditors the cost base restructuring and the introduction of a new investment partner were unable to save the business.
Christopher Wood, director with Brierley Hill design and printing house CCG, said his company is owed more than £28,000.
He said: " This does happen in business but this has left a bad taste in my mouth. We contacted them for months and were fobbed off and fobbed off and the next thing they've gone pop. We'll be OK, it's just made a serious hole in our profits for this year."
His firm employs a core of eight rising to 20 on demand. He was confident his business would be able to continue.
Other creditors include Capital Radio Group; Creative Graphics International; Dudley Council; Goodman Baylis Ltd and James Beattie, Corporation Street, Birmingham.
Liquidators Butcher Woods Corporate Recovery declined to comment.