HMRC's petition, which relates to a multi-million pound debt owed to it by Northampton-based TPF Group, will be heard on 1 March at Manchester County Court at around 10:30am.

TPF is currently understood to be in negotiations with several parties, including HMRC, its financial backers and several key suppliers, in order to secure the company's future as a going concern.

A source close to TPF claimed that the company would be in a position to clarify its future within the next 48 hours.

HMRC's petition to wind up TPF Group was filed on 8 October 2009 by the commissioners for HMRC.