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A statement on the company's website says the company has taken the step "because pending illiquidity puts continued business operations at risk".

"The high pressure of the competition and the immense fall in prices in the IT industry have affected Maxdata for some years," it adds. "In consequence, the company has suffered a heavy decline in turnover and results. In spite of a restructuring program launched in 2006 the turnaround could neither be achieved in the 2007 business year nor in the first half of 2008."

However, the company says it plans to continue trading. "The Management Board now aims at continuing business with the support of the insolvency administrator, securing as many jobs as possible and retaining the two brands Maxdata and Belinea."

A spokesman for the Maxdata in the UK said he was unable to comment on the situation.