Bailey Ahmad's Tom Ahmad and Paul Bailey were appointed as joint liquidators by the members and creditors of the London-based company, which traded as TDG Print Management.

T.D. Gorman has since been placed into creditors' voluntary liquidation on 22 October and its seven staff were made redundant on 8 October.

Bailey said: "There were a number of trading issues that occurred during 2008 which impacted cash flow.

"Without the availability of outside investment, director Tom Gorman was left with no alternative but to cease trading and ask for our professional assistance with the winding up of the company."

The TDG Group consists of three companies, TDG Print Management, TDG Artwork Management and Colour Point Studio.

Bailey said that none of the other inter-company entities are in an insolvency process.

The TDG Group was set up by Gorman in 1998 and the T.D. Gorman's largest client was the Body Shop.

At the start of the year, the TDG Group signed a 12-month agreement with global delivery services giant TNT Post.

Tom Gorman said at the time that he hoped to increase turnover from £6m to £8m in 2008. T.D. Gorman’s turnover for 1 April 2007 to 31 March 2008 was £5.1m.