The business had opened provisional insolvency proceedings in June and lawyer Marc d'Avoine was appointed as provisional insolvency administrator.

On Saturday (1 September) d'Avoine was subsequently appointed as insolvency administrator and, at the same time, the company’s managing directors discontinued their previous operational activity.

The 500-staff firm’s operations will be continued under the leadership of the insolvency team, which comprises d'Avoine alongside Oliver Teubler and Paul Michels, with the support of external consultants.

In a statement the business said: “Whether and which reorganisation measures have to be taken will be decided in a timely manner on the basis of the ongoing analysis. The chosen restructuring course will be continued.

“Zanders stands for quality and high-quality products worldwide. This excellent reputation forms the basis for the search for potential investors. Interest is present in the market [and] initial talks are already under way. A conclusion is expected at the earliest in October.”

The business added it “continues to be confident that it will be able to reach a viable solution for all concerned, paving the way for Zanders into the future.”

The nature of the company’s restructuring has not been disclosed. Upon opening provisional insolvency proceedings in June, it had cited reasons including increases in raw material and energy costs.

Zanders was founded by Johann Wilhelm Zanders in Bergisch Gladbach, near Cologne, in 1829. The business still operates the Gohrsmu¨hle paper mill there today and produces around 100,000 tonnes annually.

Until the end of the 1980s the business exclusively supplied special papers but, since 2012, it has also offered graphic mass papers. The company’s UK merchants are Antalis and Fenner Paper while it also sells some of its products direct.

In recent weeks Zanders has invested around €7m (£6.31m) in converting its on-site power plant from hard coal to natural gas and launched a new natural barrier paper, Zanbarrier NGR.