MRS Services Group - a mining services business with 400 workers across Newcastle, the Hunter Valley and Queensland - has gone into voluntary administration.
Bradd Morelli, Sule Arnautovic and Trent Devine of specialist insolvency firm Jirsch Sutherland were appointed voluntary administrators on Wednesday night.
Their appointment extends over five companies: Holdings (MRS) Pty Ltd, Bachmann Plant Hire Pty Ltd, MRS Services Group Pty Ltd, MRS Property No1 Pty Ltd and Management Resource Solutions Pty Ltd.
A statement from Jirsch Sutherland on Thursday said the administrators intend to continue trading the business as usual and have begun contacting key customers and suppliers.
They have been appointed to manage and investigate the affairs of the group so that a sale of the business as a going concern and/or Deed of Company Arrangement (DoCA) can be explored.
Bradd Morelli later said a secured creditor had appointed Jirsch Sutherland and directors from MRS Services Group were assisting with investigations.
Asked about the group's financial position, Mr Morelli said it was "too early to say at this point; we are undertaking our investigations".
MRS Services Group was being run by chief executive officer Paul Brenton and chief operating officer Jonathon McTaggart. It is understood to have acquired the SubZero Group in recent years. SubZero was an expanding contractor in the Hunter coal industry until Ferrier Hodgson was called in as receiver and Ernst and Young appointed administrators of 11 companies in the group in 2016.
The Herald understands there is no relation between the 2016 SubZero matters and those now of MRS.
Holdings (MRS) Pty Ltd is understood to be the holding company with Bachmann, MRS Property and MRS Services under voluntary administration. Management Resources Solutions Pty Ltd is owned by Management Resources Solutions PLC (UK), which is the ultimate holding company.
A first meeting of creditors of the MRS Services Group will be held on Monday, September 16.
