MICAP faces administration

WIGAN-based food specialist MICAP is seeking the protection of administration after one of its creditors issued a winding up petition.

In a statement to the Alternative Investment Market (AIM), MICAP said it had issued an application to court for it to appoint administrators to the company.

MICAP, which develops technology used in the food, agrochemical and pharmaceutical sectors, has been trying to reach an agreement with its creditors since August.

Chief executive, Michael Norris, said: “In the circumstances the board felt it was a better course of action to apply to appoint administrators to seek to achieve a better realisation for creditors than on a winding up.”

The administration application is due to be heard on October 28 in the Manchester District Registry. 

Micap Encapsulates Limited, a wholly owned subsidiary which manufactures and sells food ingredients from a plant in Athlone, Ireland, is unaffected by the action.