The Core Business PLC (AIM: CORE) said its board has agreed to appoint Tenon Recovery as administrators under the Insolvency Act 1986.
A further announcement will be made when possible regarding the administrators’ proposals to restructure the company.
The company requested suspension of its shares from trading on September 25 pending clarification of its financial position, after an investigation had identified certain discrepancies in the recent accounts. The board was in discussion with its advisers regarding options for restructuring the company and possible sources of new working capital.