Loss adjuster Miller Fisher has been put into receivership, but its successful Irish arm Miller Farrell will continue business as usual.
Miller Fisher appointed receivers after unexpectedly failing to secure additional credit facilities.
In a statement issued to the Stock Exchange this morning, the company said it had discussed its position with its bankers and, having considered other alternatives, realised it had no option but to appoint a receiver.
Deloitte & Touche has been appointed the receiver.
The company's Irish arm Miller Farrell has not been put into receivership and will continue to operate under its existing management, headed by Miller Fisher chief executive Malcolm Hughes.
A new structure for Miller Farrell is expected to be announced in the near future.
This is a final blow for the troubled UK company, which had predicted a return to profitability later this year, after securing the backing of the Bank of Scotland in late 2001.
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