Toner recycling firm Lasertech UK has called a creditors meeting after shutting up shop.

The gathering, set up by licensed insolvency practitioners Parkin S Booth, is due to convene at the Queen Hotel in Chester on 8 March.

A vote will be held to determine if PSB will be nominated as liquidator, a spokeswoman at the firm confirmed but was unable to comment further.

In its last accounts for the year to 31 March, Warrington-based Lasertech's net assets showed a decline from £1m to £660,000, indicating that it either made a loss or directors paid themselves a decent dividend.

Full accounts for fiscal 2010 showed sales of £6.8m, up 11 per cent year-on-year, although profits slumped on the previous twelve months, dropping 50 per cent to £119,000. The biz, incorporated in 2001, had creditors of £1m and employed 67 staff.

A credit source in distribution voiced surprise that Lasertech appeared to have gone down pretty quickly, claiming the firm "ran out of cash amid declining business volumes".

Lasertech boss Jason Williams, who is also director at Lasertech Franchising, and recently established firms Office King, EWJ Management Services and Printer Management Services, was unavailable to comment.

Insolvency rates in the channel hit a nine-year high in 2011 with both small and established resellers going under, and the trend looks to have continued into the New Year to date. ®