Silver Heritage Group Future Uncertain as it Enters Voluntary Administration

Silver Herit🔯age Group announced today that it has appointed multinational company KPMG as administrators as the company enters voluntary administration.

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 Re⛎sort Bhairahawa and The Millionaire's Club in Kathmandu - on 21 March because of the pandemic, just months after receiving much-needed funding from its primary lender, OCP Asia.

In an announcement published online by , a spokesperso𓄧n 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 facilities in Nepal, the timing in relation to consummating one of the transactions has become uncertain.

"The Board of Directors regret t🙈hat these events have come to pass and acknowledge all the Group's employ▨ees for their hard work and contribution."

OCP Asia had made i🍸t 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. Vietnam had account🐼ed for 45% of com🐽pany revenues in 2018.