A Kent-based company owing almost £2.5m (€2.8m) to Close Brothers Asset Finance (AF) has gone into liquidation.

Paul Ellison and Gareth Roberts of KRE Corporate Recovery were appointed last month to oversee the process.

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Papers filed by printing press Stones Ashford show a shortfall of over £4m to creditors.

Of the amount outstanding to Close Brothers, £2.24m was secured on plant machinery and equipment, while another £0.25m was unsecured.

Other creditors include Kennet Equipment Leasing, which is owed £18,000 in secured and £1,000 in unsecured debt, and invoice discounting provider IGF Business Credit,  with £727,000 secured on receivables.

Assets that were not specifically pledged were estimated by the company to realise about £146,000.

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Print Week reported that creditors were in the process of clarifying the amounts outstanding, due to apparent inconsistencies in the papers filed by Stones Ashford.