Monwel, based in Ebbw Vale, Blaenau Gwent, ceased trading last month, with 38 people made redundant.
Liquidators said the company failed because of a deficit of Â£400,000, high employment costs and reduced sales.
In May, the Welsh government hailed it as an example of good practice of communities running facilities.
A road sign-making company that was run as a social enterprise and provided jobs for disabled people has gone into liquidation.