Itsarm to enter compulsory liquidation

AIM-listed Itsarm has announced it will enter compulsory liquidation after careful consideration.

The company said in a statement:

“The directors consider that, taking into account the Company’s contingent and prospective liabilities, there is a significant risk that creditors of the Company would suffer detriment if the Company was not placed into a formal insolvency procedure immediately.”

Itsarm shares were suspended and restored last week as the company held a vote on voluntary liquidation. However, directors felt that a voluntary liquidation could lead to trading losses that would be to the detriment of creditors.

Itsarm shares were down 33% on Monday and have lost 98% of their value this year.

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