Administrator BDO, which sent the list to creditors as part of the administration process, said that the company has £31,718 available for unsecured creditors, leaving a deficiency of £3,088,319.

The largest creditor on the list is McNaughton Paper NI, which is owed £790,370. Other companies owed include Robert Horne Group (£54,000) and commercial printer Alphagraphics (£200,000).

Also on the list is Allied Graphics & Equipment, with a loss of £159,192, while finisher Robinson & Mornin Bookbinders is owed just over £50,000.

In its update, BDO notes that it was first approached by Graham & Heslip on 30 September 2009, two months before it was appointed.

Graham & Heslip, one of Northern Ireland's largest printers, was sold back to its owner through new company C&R Print in December 2009.

BDO blamed the company's administration on "the crystallisation of significant bad debts from the Republic of Ireland marketplace".

The administrators claimed that the directors had yet to submit a statement of affairs for the business. Instead, BDO included a financial statement for the company. According to this, Graham & Heslip made a loss of £575,000 in 2006, £89,000 in 2007, but a profit of £648,000 in 2008.

Clarification: C&R Print of Enniscorthy, County Wexford, Ireland, which was established 1979, is in no way associated with the C&R Print, which has its registered office in Lisburn, County Antrim, Northern Ireland, that purchased the assets of Graham & Heslip.