At a stakeholder's meeting on 30 November, it was agreed that Superdata be wound up voluntarily after "everyone and their auntie" put in petitions against the company, according to managing director Terry Brooks.
Alan Clark of Carter Clark was appointed as liquidator to the company on the same day.
A second company called Immediate Labels, set up on Companies House by Brooks in April 2009, has bought Superdata’s plant and machinery for £5,000 - less than 14% of its £35,950 net book value in April 2011.
Brooks said that continuing the business under his third company Immediate Label, which has been listed as dormant since its incorporation in October 2008 and is based at the same Essex location as Superdata, was the only option after his request for overdraft support was declined by banks.
He said: "The 280sqm building I am in is bought outright, and all my debt was virtually at the point of being paid off, but still they wouldn’t help."
"I bought some material from a Spanish company and they stuffed me big time because they supplied me with something that wasn’t fully FSC-certified as it should have been.
"They stuck their heels in the ground, and as I’d paid for the material and converted it, I lost out."
Otherwise, suppliers had been "fantastic" as their help and support "nearly brought me to tears", Brooks said.
According to Superdata’s statement of affairs on 4 December, unsecured trade creditors took the brunt of the bad debt with total debts amounting to £38,353. API Tenza Technologies in Saxmundham, Suffolk, was the largest creditor with £9,344.25 owed.
But Brooks said he had given creditors a "gentleman’s handshake", promising to repay the outstanding amounts through Immediate Label .
He said: "I am not walking away from my debt; everyone is going to get paid back.
"I haven’t done a phoenix and risen from the flames, it’s nothing like that. I have made a deal with all my suppliers. They didn’t have to chase me, I went to them. They were aware all along what was going on."
Brooks has personally guaranteed the banking debts, which included £36,095 owed to HSBC, £22,213 to Lloyds TSB and £4,086 to HMRC.
