Temporary trustees Ronen Matry and Omer Serviansky, appointed earlier this week, have now launched a formal sale process with an open invitation to submit offers for the Israel-headquartered company, its assets, or to invest in the business.

An online data room has been established containing information about Highcon and its main assets. Access is available until 27 April subject to the signing of a non-disclosure agreement and a non-refundable payment of NIS1,000 (£206).

Formal offers must be submitted to the trustees by 2pm Israel time on Sunday 27 April.

The temporary trustees reserve the right to conduct an auction/bidding process among the offerors and/or to conduct separate negotiations with individual bidders.

The timeline could be postponed if the trustees deem that necessary, while decisions about whether or not to accept any offer will also be made at the discretion of the trustees.

The sale will be subject to the approval of the District Court in Lod, Israel.

Highcon makes digital die-cutting and creasing kit used in packaging, point-of-sale/display and corrugated applications. Its main products are the Beam and Euclid, with the Vulcan device for industrial corrugated market in development.

The firm filed for bankruptcy protection at the end of last month.