Our new Cryptocurrency section has arrived! Click here

Less Ads, More Data, More Tools Register for FREE

Management Resource Solutions Unit Administrators Prefers Liquidation

Fri, 8th Nov 2019 17:47

(Alliance News) - Management Resource Solutions PLC said Friday the administrator for its five Australian units has suggested the businesses be closed down.

The administrators of the businesses have filed a report, which will be put to the creditors at an upcoming meeting.

Several resolutions will be voted on at next Friday's meeting, including a vote "to decide the future of the companies" and determine whether the administration of the companies should end or the companies should execute a deed of company arrangement or if they should be placed into liquidation.

The administrators report states: "It is our recommendation that the companies should be placed into liquidation, however, it may be necessary to adjourn the second meeting of the companies' creditors for no longer than 45 business days to enable a sale of the companies' business to be concluded."

MRS added: ""The directors of MRS will be lodging a revised proposal in the coming days with the anticipation, if successful, that the transaction will settle by mid December. At this stage, however, there can be no certainty of the outcome which depends on a number of factors including the result of the creditors meeting."

Shares in Management Resource Solutions are currently suspended in London, having last traded at 2.55 pence each.

By Paul McGowan; paulmcgowan@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

Related Shares

More News

Management Resource Solutions Still Hopes To Buy Some MRS Group Assets

Management Resource Solutions Still Hopes To Buy Some MRS Group Assets

12 Nov 19 18:42

Management Resource Solutions Unit Administrators Prefers Liquidation

Management Resource Solutions Unit Administrators Prefers Liquidation

8 Nov 19 17:47

Management Resource Solutions Units In Administration Receive Offers

Management Resource Solutions Units In Administration Receive Offers

22 Oct 19 12:10

Management Resource Expects Annual Results To Disappoint Forecasts

Management Resource Expects Annual Results To Disappoint Forecasts

27 Sep 19 17:32

Login to your account

Don't have an account? Click here to register.