HMRC requested a bond last week before it would allow the sale of Dartford-based BED to Crossways Envelopes.

Administrator Colin Wilson said: "It is not uncommon, but it is ridiculous to ask for it in the financial climate."

Wilson added that "everything else has been sorted" and a response had been sent to HMRC.

He said: "We don't know how it will pan out, but we have sent our details and what we are trying to do."

BED went into administration with Tenon Recovery on 9 July 2009.

It has been traded under licence by Crossways Envelopes, a company set up by BED managers and directors, which has BED managing director Nigel Harper and director Guy Butters as directors.

The sale has been fraught with delays as Tenon and Crossways worked to tie up finance for the deal. However, the final hurdle appeared to be overcome at the end of last month when an agreement was reached with charge holders over the machinery.