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Shares in Cumbrian property business All Points North have been suspended from the Alternative Investment Market after the company failed to sell off properties required to repay its bank debt.
The firm had warned that it is currently reliant on the support of its bank, Clydesdale. However, the bank had expressed concerns about the level of the company's debt and its ability to even service interest on
All Points North has said that it has been attempting to sell off properties to pay down debt but the current state of the market had made this difficult.
It currently owes Clydesdale £5.1m, and the bank has now requested that it is repaid in full by April 30. If not, All Points North said that bank has warned it will "take whatever action is considered necessary to obtain repayment of outstanding sums".
As a result, the firm said that it has requested an immediate suspension of its shares "pending clarification of its financial position".