However, it is understood the final figure could be even higher due to the company's pension liability.

Around £7m is owed to the Pension Protection Fund (PPF), but the report states an initial arrears claim of £20.7m had been received from the PPF, although it said the final claim would be for a "significantly lower amount".

Agfa Graphics was the biggest trade creditor, having been hit for £1.7m after Litho Supplies fell into administration on 22 December last year.

Its assets and business were sold for £300,000 to DM1 (Herts), which was headed by turnaround investor Hilco and Litho Supplies' sales director Eddie Williams.

Its name was changed to Litho Supplies (UK) on 25 January 2010.

Agfa Graphics UK managing director Laurence Roberts said: "Obviously, Litho Supplies' cashflow was a problem during last year, so I provided for it.

"The £1.7m includes VAT and stock, which we repossessed, so the net debt is less than that, but it is still a considerable amount of money – more than £1m. We had a very good Q4 and it included all that debt.

"We move on. Hilco obviously has a plan and a very sensible budget. I am absolutely certain that the new Litho Supplies has a viable future – the business model of the new company is much, much better."

Other trade creditors hit by Litho Supplies' collapse included Fujifilm UK (£645,508), which subsequently stated it would no longer deal with the company, Flint Group UK (£299,505) and Varn Products Company (£196,405).

In addition, MCR's report revealed that a higher offer of £350,000 had been made for Litho Supplies, but was rejected because it was payable over 12 months and the undisclosed buyer was not considered reliable because it had already pulled out of a deal to buy Muro Digital – a separate division of Litho Supplies.

It is also understood the second bidder would have closed a number of regional branches.