West Perth-based Transerv Australia has been placed in administration, just two weeks after new directors took control of the company.
"The appointment of Martin Jones and Darren Weaver of Ferrier Hodgson as voluntary administrators follows a review of the company's operations and assessment of financial opportunities by its newly appointed board," the company said.
"This review was under the direction of Graeme Kirke representing a major shareholding group and in conjunction with Ascent Capital Pty Ltd, a specialist in recapitalising listed companies."
Mr Kirke and Thomas Gilfillan joined the board on 20 December, with Mr Kirke becoming chairman.
Transerv shares were placed in a trading halt on the same day and were suspended two days later, on 22 December.
Transerv, whose core business was truck and automotive repairs and servicing, has been pursuing merger and acquisition opportunities to try and reverse its trading losses.
It foreshadowed an acquisition early last year but in September announced that negotiations had ended.
The company incurred a loss of $1.7 million in the year to June 2005 following a loss of $0.8 million in the previous financial year.
