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; [email protected]
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