Silver Heritage Group Future Uncertain as it Enters Voluntary Administration

Silver Heritage Group announced today that it has appointed multinational company KPMG as administrators as the company enters voluntary administrat🔜ion.

The news comes a few weeks after Silver Heritage Group was forced to cut costs because of the COVID-19 crisis.

The firm had to completely shut down its Nepal operations - the Tiger Palace Resort Bhairahawa and The Millionaire's Club in Kathmandu - on 21 March because of the pandemic, just months after receivin🍌g much-needed funding from its primary lender, OCP Asia.

In an announcement published online by , a spokesperson for Silver Heritage said: "The company had been exploring options to generate liquidity and🌠 prior to the emergence of COVID-19 had received expressions of interest from several parties in respect of possible transactions.

"However, as a result of the emergence of COVID-19 and the forced temporary closure of the company's fa🧜cilities in Nepal, the timing in relation to consum🅺mating one of the transactions has become uncertain.

"The Board of Directors regret 💜that these events have come to pass and acknowledge all the Group's employees for their hard work and contribution."

OCP Asia had made it clear it was 💦unwilling to provide any further support to the company.

It's been a tough few years for Silver Heritage Group. Having lost multiple directors, and finally settling a dispute with an ex-Nepalese partner during 2018, the company had to close its Vietnam operations in March 2019. Viet🐼nam had accounted for 45% of company revenues in 2018.