He was declared bankrupt at Southampton County Court on 16 March.
Dunstall left more than £13m in bad debt following his short-lived ownership of Global MP, the former St Ives Direct business in Bradford that went bust in July 2014.
Prior to that, his mailing business Prospect Mailing Services also left creditors in the lurch to the tune of £1.4m.
When Dunstall acquired the assets of Prospect Mailing Services in November 2013 he provided administrators at SFP Group with a personal guarantee and a corporate guarantee via another of his businesses, Cogent B2B, over the £400,000 purchase price.
It was this debt that resulted in the bankruptcy action.
Dunstall told PrintWeek: "I tried to negotiate but couldn't meet the timing requirements."
He said he would resign as a director of his current business interests and was in discussion with lawyers regarding his future options.
Baker Tilly handled the administration of Global MP. The firm's restructuring director David Shaw commented: “The impact of the bankruptcy order will mean that the Official Receiver (or depending on the circumstances, an insolvency practitioner) will seek to recover personal assets to satisfy his [Kevin Dunstall’s] debts.
“In addition, unless he applies to court, he will be automatically disqualified from acting as a director of a company or being involved in its formation or management. This will normally last as long as his bankruptcy; typically a year but this period can be extended. If he was to breach these restrictions he risks criminal prosecution as well as personal liability for company debts.”
Dunstall’s bankruptcy order will be discharged on 16 March 2016 according to the details filed with the Insolvency Service.
Most recently, Dunstall emerged at two separate South Coast publishing companies: Limefresh Media, the publisher of Portsmouth Life; and Southampton-based publishing company Universal Media, the publisher of Solent Life and The Informer.
"He'll make a fantastic salesman for somebody, he's so persuasive," said one former employee.
