Millfield has appointed PriceWaterhouseCoopers as administrators of a number of its subsidiaries.
In an announcement to the stock exchange, the IFA firm which announced the suspension of its shares and the possibility of administration two weeks ago, also revealed the Financial Services Authority has approved the deal to sell Sage Financial Services and the business and assets of Millfield Partnership to The Money Portal.
Details of advisers who will be transferring to the Bates Investment Services' arm of The Money Portal, will be announced on the FSA website within the next few days.
Meanwhile, Michael Jervis and Dan Schwarzmann of PricewaterhouseCoopers have been named as the administrators for a number of Millfield's subsidiaries and are also expected to be appointed in respect of Millfield itself within a few days.
Millfield adds it is not anticipated there will be any return of capital to shareholders.
The announcement has been made despite the possibility Millfield may be subject to legal action over unpaid commission to former mortgage broker subsidiary, Millfield South East, which is already in administration.
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