NDPS, which is the parent company of Nipson UK, has been locked in talks with lenders since September, when brokerage firm D Roseman demanded immediate repayment of a €2m (£1.8m) loan.

In an announcement to the stock exchange on 15 October, NDPS revealed that the loan was due to be recovered at the end of October, giving it two weeks to reach an agreement with all of its lenders.

However, in a further statement issued this morning, NDPS reported that no agreement had been reached between the various parties and that it was continuing "to seek a solution for which it has set a short timescale".

NDPS added that it had not yet received any formal steps on behalf of any of its lenders to enforce the repayment of debt due to them, but warned that, if an agreement could not be reached, it would "need to consider a CVA; but will also consider other options, including administration".

The group's financial restructuring has been complicated by an ongoing dispute between major stakeholders Polar Communications and Creacorp, which centres around Polar's alleged refusal to transfer the legal ownership of 23m ordinary shares in the company to Creacorp, as per the debt-for-equity swap agreement entered into by the two parties on 13 October 2008.