Under the proposal, which was accepted by 96% of VIPs creditors, preferential creditors will be paid in full and unsecured creditors will receive 75p in the pound over five years.
VIP Print, which is trading profitably, ran into trouble after it was hit by bad debts of more than 500,000 last year.
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Latest comments
"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."
"It's amazing what can be found on the "web" nowadays!"
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