Insolvency practitioner Marshman Price was appointed to the Northampton-based company on 9 March, and had said it hoped a buyer could be found after it received several expressions of interest.  

At its peak, Iceberg Marketing reported a turnover of £20m, although Marshman Price liquidator Gary Pettit said this had fallen by more than 80% in the eight months trading to March 2009. 

The company relied on the banking and financial industry for much of its work and the withdrawal of funding for future marketing events hit it hard. 

However, Pettit said that together with law firm EMW Picton Howell, it has safeguarded and enhanced the company's assets.

He said: "This includes negotiations that improve book debts by some £130,000, which should give creditors a much better outcome."

A spokeswoman for Marshman Price said that a total figure of the company's debt is still being reconciled. Further details will be presented at a meeting of creditors on 23 April 2009.

Iceberg Marketing was a full service marketing agency with divisions handling print management, marketing, branding and PR.

It counted a number of financial services company among its clients including Morgan Stanley Consumer Banking.

Iceberg Marketing was formed in 1998 as an arm of Colorgraphic. Its clients included The Woolwich, LiverpoolVictoria, Bose, NFU Mutual, Page & Moy and Loans.co.uk.