All companies listed on AIM must have a nominated advisor, who takes responsibility for the company coming to market and advises the company thereafter.
If a company loses its advisor, its shares are suspended for a month and then de-listed if it still doesn’t have one after another month has passed.
Leicester City’s administrator Deloitte & Touche said it has stopped paying the company’s advisor Collins Stewart because ‘there would not be value in incurring expenses by appointing a nominated adviser.’
A spokeswoman said: ‘The administrators’ efforts are focussed on preserving the football club not the quoted entity.’
She added that cancellation of shares during insolvency is standard procedure.
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children