Brian Hyland of accounting firm PKF Ryan Glennon was appointed liquidator of the company's assets, which are expected to realise less than 260,000, last week. It is understood Trueform ran into cash flow difficulties while awaiting payment for sub-contracting work. Creditors were told that Trueform, which is listed as "non-trading" at the Companies Office and has never filed accounts, had turnover of 10m in 2005.

A statement of affairs circulated by directors John and Jacqueline Murphy showed Trueform's unsecured creditors are owed 1.7m.