Monitor maker Maxdata, which sells displays under the Belinea brand, has filed for insolvency proceedings.

The Germany-based manufacturer said in a statement that an "immense fall in prices in the IT industry" had affected the company for some years, adding that a restructuring programme undertaken two years ago failed to turn things around.

"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," the statement continues.

Maxdata opened a UK office in 1997, and Belinea was at one time the top-selling monitor brand in the UK.