Receivers in at Alliance Resources

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The Independent Online
ALLIANCE Resources, the oil and gas independent, has been put into administrative receivership by Manx Petroleum, an unquoted company headed by Algy Cluff, the mining entrepreneur, writes Neil Thapar.

Alliance's shares were suspended at 9.5p each this week.

Alliance said the receivership stemmed from a dollars 200,000 debenture loan made by Manx to the company last July. Manx is understood to have demanded its repayment, although the two sides were negotiating to 'cure the alleged default', it said.

The move follows the resignation of John O'Brien as Alliance's chairman this month after two weeks in the job. Mr O'Brien is also managing director and a substantial shareholder in Manx.

The two companies fell out after a proposed reverse takeover of Alliance did not materialise.

Alliance also faces a pounds 38,000 claim from Girozentrale Gilbert Eliott, its former broker, for unpaid fees.