According to the administrator's report, there will be no funds to distribute among either unsecured or preferential creditors, which include claims relating to wage arrears and holiday pay totalling £78,000.
Meanwhile, the secured creditors, including the company’s bank and invoice discounting provider, will suffer a "significant shortfall" in their indebtedness, which totalled in excess of £2m.
The Bristol-based company went into administration with KPMG in December 2009, with the key assets sold in a pre-pack deal to shareholder Michael Hughes.
PrintWeek has seen a copy of the administrator's progress report, dated from 21 December 2009 to 20 June 2010.
According to administrator Jonathan Pope, £1.45m has been collected so far, of which £1.35m has been paid to Barclays Sales Finance (BSF), which was owed £880,919 through invoice discounting.
The remainder of the debt collected by BSF has been collected on behalf of Formpro's bank, however, the administrator said there would be a "significant shortfall" in the £1.06m, excluding interest and charges, that the bank is owed.
