Begbies Traynor partner Nick Hood said his company had taken the decision to hold off winding-up White, to avoid upsetting the whole group.

The winding-up petition was issued by Begbies to recover a significant amount still outstanding from the sales of the assets of Perivan.

The Buzwell Group under the name of Skyrooks acquired White Productions, then known as Perivan White Dove from its administrator in December last year.

According to Hood a "credible source" has expressed an interest in refinancing Buzwell.

The winding-up petition against White Productions has now been adjourned for 14 days, and will now be heard on 22 September.