Paul Clark and Geoff Bouchier of MCR were appointed to NDPS on 20 November following the company’s collapse.

The company is a non-trading parent of Nipson SAS and Nipson UK, both of which are unaffected by the move.

MCR is seeking a buyer for the shares of the business, the assets of which are purely its stakes in the two businesses.

A spokesman for MCR said: “We will be seeking to realise the value of the asset by looking for a purchaser of those shares.

“We will be advertising in due course for potential interested parties to make an offer.”

He added that MCR was seeking as sale of the business “as soon as possible”.

The board of NDPS put the business into administration following its inability to repay a loan to Israeli brokerage firm D Roseman.

Nipson’s travails began last year when its manufacturing arm Nipson SAS was placed in redressement judiciaire – the French equivalent of administration. It emerged from this earlier this year.

This resulted in parent company NDPS defaulting on €2 million in Convertible Loan Notes owed to D Roseman, which demanded repayment on 9 September.

Since then, NDPS has been locked in talks with creditors and its major shareholders in an attempt to protect the company from insolvency.

However, the situation was complicated by a dispute between Nipson’s principal shareholders, Polar and Creacorp revolving around the legal ownership of 23 million ordinary shares in the company, which were due to be transferred from Polar to Creacorp as part of the debt-for-equity swap agreement entered into by the two parties on 13 October 2008.

Read the original article at www.printweek.com.

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