KPMG and Moore Stephens Booth White have been appointed joint administrators of In-a-Flap Envelope Company Ltd after the Surrey firm was wound up at Londons High Court last week owing over 1m.
KPMG corporate recovery partner Richard Hassell said: Staff visited the company on Friday and have begun work. But it could take a while. He will investigate the companys change of status from Ltd to plc.
Lars Reeder, the managing director of Alfred Ahlers, the German envelope supplier owed 575,000, said: Its now up to Mr Hassell to find out where the money has gone.
Managing director of In-a-Flap Envelope Company and In-a-Flap plc Robert Jenkin was unavailable for comment as PrintWeek went to press. Simon Allso, who is known to have acted in an advisory role at In-a-Flap, was also unavailable for comment.
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"Gosh! That’s a huge debt - especially HMRC! It’s a shock that HMRC allowed such an amount to be accumulated."
"Whatever happened to the good old fashioned cash job! At least the banks didn't take 2-3% of each sale. After 30 odd transactions that £100 quid you had has gone."
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