The company created by former Notts County owner Alan Hardy is set to be liquidated.
Administrators were called in to fit-out firm Paragon Interiors last February as it came to light that contractors and staff had not been paid.
A report into the company later found it owed more than £13.5 million when it collapsed.
In their final report, released on Companies House, administrators Leonard Curtis have confirmed the administration of Paragon Interiors has ended.
On the next steps, it adds: "There is likely to be a dividend to unsecured creditors in this case and therefore the appropriate exit route from the administrators is to enter into creditors' voluntary liquidation."
A notice of the administrators' intentions have now been issued to Companies House.
The full scale of Paragon's issues came to light in October.
In addition to the money the company owed, it was also owed £13.8 million by firms linked to Paragon Interiors.
This included £1.49m owed by Notts County and £7.29 million by parent company Paragon Leisure Group - money which was used to purchase the Meadow Lane club in 2017.
This was eventually settled for £1.2m.
The latest report adds: "An offer of £1.2m was received in full and final settlement of all the intercompany debts and any monetary claims against Mr Hardy.
"CRM (the company brought in to recover debts) recommended acceptance of the offer of £1.2m in settlement of the intercompany debts as the offer significantly exceeded the likely recoveries should steps be taken to commence enforcement action against the individual debtors."
Mr Hardy described the first half of last year as "the worst of his life" as Paragon collapsed and Notts County dropped into non-league football after relegation on the final day of the season at Swindon Town.
He sold Notts County in the summer to Christoffer and Alexander Reedtz, the owners of football statistics firm Football Radar.
