ICM, which was placed into administration on 21 December, has offered 18p in the pound on debts of 1.92m to unsecured creditors, who will vote whether to accept the offer today (8 February).

Continental printers have been hardest hit; Dutch firm Roto Smeets is owed 501,232, and Italian printer Mondadori 311,564.

One creditor said: "We printers are our own worst enemies. Weve got all the capital investment, wages and equipment and this lot has none of that."

ICM Resource managing director Ian Warwick said the firm ran into financial difficulties after a second round of funding from the US fell through.

Warwick said: "I do feel a moral responsibility to creditors and our staff but were limited by resources."

Former director Gary Hegginbottom has also left the company.

ICM made a pre-tax loss of 1.1m on sales of 3.47m for the year to 31 January 2001.

Story by John Davies