The creditors meeting of Northampton-based Brack-mills Print & Design heard that director John Weighell put a family trip to the Himalayas through the companys books as a sales exercise.


The 1.6m-turnover firms records also showed that it embarked on a "marketing campaign" that involved a 110,000 spend on a Tradewind 35 cruising yacht (PrintWeek, 9 March).


Creditors are left with a 696,000 shortfall following the firms liquidation by Wilkins Kennedy.


Among those absorbing the debt is PJF Printing Inks, which is owed 30,000.


PJF Printing Inks partner Paul Freemantle said: "We dont expect to get our money back. If this had happened five years ago, wed have gone under, were a family-run business.


It has held up our next stage of growth, but well be back on track in a few months."


He said the meeting listened incredulously as the exotic trip was revealed.