The Ipswich-based company ceased trading on 3 January, at which time all 15 of its staff were made redundant.

A meeting of creditors was called on 5 February, at which it was decided that the company be wound-up voluntary.

The lithographic print firm, which specialised in direct mail and stationery printing, left £212,700 debt in its wake according to the statement of affairs filed on the day that Jeffrey Mark Brenner of B&C Associates was appointed as administrator.

However, the largest sum of £68,745 was owed to Payscope, a company registered to the same directors of Suffolk Offset, Thomas Wright and Stephen Flory. The second biggest debts were owed to the two directors, and £12,072 remained outstanding to HMRC.

Brenner said that the company had no tangible assets on the date of the liquidation, and as a result, said that it was unlikely that unsecured creditors will receive any rebate.

He added: "The company experienced considerable maintenance problems with its machinery which had an adverse affect on turnover. The company also received demands for rent and was unable to discharge its liabilities."

According to Companies House, Suffolk Offset Ltd was incorporated on 10 January 2011, registered to Joe Alexander. His directorship was terminated a month later when Flory and Wright took over ownership.

Flory was interviewed by Suffolk College students in a video that appeared on YouTube in March last year, and said: "The company has gone through some troubled times before [we acquired it]. I do think that we are starting to see a light at the end of the tunnel and we’re starting to pull it round and to make it work again.

"We’ve still got a lot of work to do to get it sorted out but I’m confident abut the future. We’ve got more and more work through and more and more Hudson clients are coming on board with us which should solve the problem."