One of the victims of the credit crunch, investment firm Allco Finance Group, has been placed into voluntary administration and will be suspended from trade on the share market.
In a statement to the stock exchange, the company's directors said the decision has been made after a careful review of the company's future.
The company's shares were placed in a trading halt on Monday, pending an announcement over its further discussions with its banks over repayments on millions of dollars of debt.
The company has been selling off assets to try to make the repayments, but last month said there was a significant risk it could not meet some of its obligations.
Allco last traded at 14 cents a share, after peaking at more that $13 last year.
allco finance group enters administration
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