Langley & Partners partner Phillip Simons said that Warrington-based ICM had itself been forced to absorb a "substantial" bad debt from one of its clients, Tiny Computers.
Those hit hardest by the failure of the CVA include Dutch printer Roto Smeets, which will absorb 501,232, and Belgian company Mercator Press (217,221).
According to Securities and Exchange Commission filings in the US, ICM Resources holding company, Corspan, sold it for 63p ($1) to an unnamed third party in May.
Corspans chairman and chief executive is Ian Warwick, who was also the managing director of ICM Resource. The firm also owns fellow print management company Total Print Solutions, which operates from the same address.
