Directors at struggling JSE-listed CCI Holdings, the former Y2KTec, have decided not to oppose an application for the group`s liquidation.
A creditor, Advanced Online Systems, has submitted a notice of motion to apply in the Witwatersrand High Court to for an order to place CCI in final liquidation.
"The directors do not intend to defend this action," the group says in a cautionary notice published on the JSE`s news service, SENS.
The move led directors to ask the JSE to suspend trade in its shares.
CCI, which was renamed when Coetser Cradock International reverse listed on the JSE using the Y2KTec cash shell, acquired a 10% stake in Advanced Online Systems, an Internet service provider, with effect from 1 January 2002.
The group incurred an attributable loss of R2.45 million for the year to end-December. The group admitted in April that its future depended on the success of talks aimed at restructuring long-term debt.
In September CEO Michael Purves stepped down after holding the post for just more than a year.
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