Stuart Hicks, Erinaceous' head of professional services in Manchester, is behind a management buy-out bid to take over part of the firm.
If successful, the new company would employ 150 staff across current Erinaceous offices in Manchester and London.
Hicks has joined with Geoff Egan, head of commercial investment in London, to launch the takeover bid.
The troubled property services company is urgently seeking a way to restructure in order to pay off £220m of debts. In the half year to 30 June 2007 the commercial division of Erinaceous made an adjusted profit from operations of £4m from revenue of £49m.
Numerous Manchester staff left last year, including high-profile agents Peter Gallagher, Phil Meakin and Paul Daye to set up P3 Property Consultants.