(Alliance News) - Maintenance, fabrication, civil and earthworks company Management Resource Solutions PLC on Friday confirmed appointment of administrators for five Australian units.
The company said administrators have been appointed for Holdings (MRS) Pty Ltd, MRS Services Group Pty Ltd, Bachmann Plant Hire Pty Ltd, MRS Property No 1 Pty Ltd and Management Resource Solutions Pty Ltd "pursuant to section 436C of the Corporations Act 2001", an Australian law.
The appointment of the voluntary administrators was made by creditor Hermes Capital in relation to a AUD3.2 million, or around GBP1.8 million, facility Management Resources agreed in May.
Management Resources said that it has met with administrators yesterday to "ascertain their plans". Administrators said there is "sufficient capital to trade the businesses".
On Tuesday, the London-listed firm said: "The company has received an e-mail, after business hours in Australia and from an Australian firm providing insolvency solutions, stating that certain of their officers have been appointed as Voluntary Administrators of five of the company's operating subsidiaries pursuant to Section 436C of the Corporations Act 2001."
The company's shares are temporarily suspended from trading, at the company's request. They were last quoted at 2.57 pence each in London.