Burberry, Gucci and Saint Laurent are among the creditors owed £36m following the collapse of Matchesfashion last month.
The luxury ecommerce platform owes money to more than 500 unsecured creditors, with hundreds of suppliers likely to receive less than a penny in the pound.
Administrators at Teneo said in a new report that creditors are unlikely to be paid back and if they are, the amount would be “very low”.
“On present information, it is unlikely that sufficient funds will be realised to enable a distribution to be made,” according to documents filed at Companies House.
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Among the luxury brands listed, Gucci was owed £553,338, Burberry £467,525 and Saint Laurent £323,648.
Administrators at Teneo said they expect to pay in full almost £300,000 to employees and £1.2m to HMRC.
Matchesfashion was placed into administration shortly after it was acquired by Frasers Group for £52m in December.
The retail group said the platform had “consistently missed its business plan targets and, notwithstanding support from [Frasers], has continued to make material losses”.
Teneo said that since it was appointed, it had received 11 offers for parts of the business, and that it was now negotiating with prospective suitors “to achieve the optimum outcome” for stakeholders.
The administrators scrapped 264 jobs on appointment, retained 265 and more than a dozen have resigned since then.
Staff were also forced to vacate its offices in London last month while the administrators have sold off the furniture.
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