Newcourt, the Irish based company specialising in recruitment and security, has asked Bank of Ireland to appoint a receiver to the group.
Trading in the company’s shares have been suspended on Dublin's IEX and London's AIM stock markets.
The company had been in talks with its bank to restructure debts following its disposal of Ely Property Group at the end of December. The bank found the company was “in breach of certain of its banking covenants.”
In a statement this morning, the company said appointing a receiver to the parent group would allow its subsidiaries, including Federal Security Group, Acuman Facilities Management, Lenmac Mechanical Services, Ecom Interaction and the Sigmar recruitment companies, to continue to trade normally and they are not expected to be immediately affected by the announcement.