Escubed, which provided research and development services in material and powder technology across a wide range of sectors, ceased trading last Tuesday.
Rob Adamson and Mark Ranson, insolvency practitioners at Armstrong Watson LLP, were appointed as joint administrators after the firm became unable to meet its financial commitments.
Mr Adamson said: “Immediately prior to our appointment, but in conjunction with ourselves, the directors made the difficult decision that the company should cease trading due to its inability to meet its ongoing financial obligations. “Regrettably this has resulted in the redundancy of all 10 employees.
“We are working with an employment specialist to ensure that the employees are able to claim what is due to them as swiftly as possible from the Redundancy Payments Service.
“It is too early to comment upon the likelihood of the return to creditors as this will depend upon the level of realisations achieved and the extent of claims received.
“We have engaged Pinder Asset Solutions to assist with the marketing and sale of the tangible assets however we have not ruled out a potential sale of the business in some form given its bespoke nature.
“Any expressions of interest should be directed to the joint administrators in the first instance.”