Keldia joint administrator Andrew Andronikou is employing an "expert witness" to report on the firms MBO from former owner Tony Diamond last year.
Andronikou refused to name the witness, but said the report should be completed in the next couple of weeks.
When Walthamstow-based Keldia went into administration in late June (PrintWeek, 6 July), Andronikou said its fall "could possibly be related to the MBO".
Andronikou has made another four redundancies and changed the balance of work between Keldias eight-colour and 10-colour presses to make the firm more efficient.
He will consider selling the firm "at the right time", but added: "Theres a possibility it could trade out anyway. Im keeping all my options open."
Have your say in the Printweek Poll
Related stories
Latest comments
"Thank you for the opportunity to comment on this Jo, and PrintWeek!
Please feel free to get in touch with the Howden Print Team to arrange your own Free of Charge Cyber Micro-Penetration Test to help..."
"I never quite understand the statements such as "achieved such a positive outcome for this well-established business".
The established business unfortunately failed and no longer exists, a..."
"Genuinely sorry to read this."
Up next...

Commitment, presence and energy will be much missed
Tributes paid to Lascelle Barrow

Around 300 roles may be affected
International Paper to close five UK packaging sites

Asset ownership delayed process
Reflections to be liquidated

'Start of a new era'