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Hours after revealing $20 million of accounting irregularities Hastie Group Limited (ASX:HST) announced the resignation of non-executive directors after the market closed on Friday.
Earlier in the day the troubled building services company said it had suspended an employee who was understood to have contributed to the irregularities. Hastie also warned some current and former senior management may have been involved.
On Friday evening Hastie announced that both Lindsay Phillips and Harry Boon have resigned.
Fairfax media says Hastie is expected to today announce the appointment of administrators and receivers after talks to save the company failed over the weekend.
The report also speculates Australia's Big Four banks could be hit with up to $250 million in write-downs should the company fall into receivership.
Hastie was placed in a trading halt on April 13 and last traded at $0.16.
Hastie Group booked a net loss of $149 million in the first half of the 2012 financial year.
