The Oldham-based business made all 20 of its staff redundant last Wednesday (3 December).
Insolvency practitioner Kay Johnson Gee is expected to be appointed to the company by next Monday.
Gordon Rees, consultancy manager at Kay Johnson Gee, told PrintWeek that there were no plans to find a buyer for the company.
"There is no future; it couldn't pay its overheads," he said.
Rees added that its equipment, which includes a six-colour Heidelberg B1 Speedmaster SM102 CD and a two-colour SM74, would be sold at auction.
According to Rees, the £2.5m-turnover company has debts of around £650,000, including £62,000 owed to Natwest Bank.
Director Michael Taylor was not available for comment.
'No future' for Oldham printer Paperstyle
B1 and B2 printer Paperstyle has closed its doors and is in the process of going into administration.
