Scottish print firm Armstrong Printing appointed provisional liquidators on 29 October after it filed a winding up plea with the Sheriff of Tayside Central and Fife.
The £300,000 turnover company, which produced publicity materials such as flyers and brochures, placed itself in voluntary liquidation on 29 October. Keith Anderson and Mark Ranson of Baker Tilley Restructuring’s Edinburgh and Leeds branches respectively appointed as joint liquidators.
The company’s Alloa-based premises was vacated at the beginning of November and all of its assets, including four- and two-colour presses were sold at auction by Sweeney Kincaid Industrial Auctioneers on 14 November for an undisclosed sum.
According to Anderson said that the company, which only employed around six staff, owed a list of 20 to 30 trade creditors around £40,000, with the largest debt amounting to £5,000.
He added: "The main creditors in this case were the directors themselves who had put loans into the company and there was some due to HMRC for PAYE services."
Anderson said that despite making major cost cutting changes the company’s directors Margaret Brisley and Heather Duncan, were unable to save it.
"It had made losses over the last few years and simply run out of work. There was no prospect of saving the business as a going concern," he added.
Meanwhile Companies House states that on 16 October, Armstrong Printing’s Brisley registered a new company called Armstrong Printing (Alloa).
Brisley was unavailable for comment.