(Alliance News) - Ince Group PLC on Wednesday said it will enter administration, after a major creditor pulled its support.
The Dagenham, England-based corporate and commercial law firm's shares are currently suspended from trading on AIM, and have been since January. They last traded on December 30 at 0.05 pence.
The shares were suspended due to an incomplete audit of its financial year 2022 results. Ince's financial year runs to March 31.
It had said its auditor BDO LLP has raised further queries in the final stages of quality control in relation to historical accounting treatments which have been addressed.
On Wednesday, Ince Group said that the auditing process has put "increasing pressure on the cash flows of the business." As a result, the company has been holding discussions with its major lender and other creditors, including UK HMRC, to establish their level of support.
However, it said that it has now been informed by a "major creditor" that it will no longer continue to support the business. Therefore, the company is choosing to place it into administration.
Ince has appointed Quantuma as an administrator, in the expectation that Quantuma will sell the company's business to a third party purchaser "as soon as possible."
By Sophie Rose, Alliance News reporter
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