Joint administrator Greg Palfrey of Smith & Williamson said: "The company had committed to a 10-year, £3m investment in new technologies and plant.
"However, the downturn came, so suddenly servicing that debt, coupled with dwindling orders, meant the business could not carry on."
Palfrey said his priority was to find a buyer for the business as a going concern, or "to salvage as many of the assets as possible for the creditors".
Penryn-based Century Web Offset, which operates from the same site as its sister company Century Litho (Truro), was founded in 2000 and employs 10 staff.
Century Litho (Truro), which was founded in 1975 and employs around 100 staff, is unaffected by the administration of Century Web Offset.
Administrators looking for Century Web Offset buyer
Administrators for Century Web Offset are hunting for a buyer for the business, which fell into administration on 26 January after becoming unable to meet payments on a 3m investment.
