Silver Heritage 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 Resort 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 Inside Asian Gaming, a spokesperson 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 that these events have come to pass and acknowledge all the Group's employees for their hard work and contribution."
OCP Asia had made it 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 accounted for 45% of company revenues in 2018.