PKF has been appointed as administrative receiver for The Rival Envelope Company after its major paper supplier withdrew credit terms.
Joint administrative receiver Geoff Rowley said: "While a CVA was arranged, Rival needed to obtain paper from its major supplier with credit terms. Those terms were withdrawn last week, at which point directors invited the bank to appoint receivers."
The firms creditors accepted the CVA last week (PrintWeek, 27 April).
A number of paper companies are among the creditors. Premier Paper and M6 Paper Company, who have combined debts of over 218,000, voted against the CVA but were overruled.
Rowley said there were a number of interested parties for the 14m-turnover company. If the assets of the company were sold, it would call into question how the CVA could be honoured.
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