British pharmaceutical company Bioglan which was once quoted on the Irish Stock Exchange has ceased trading after discussions to restructure its debt ended in failure.
The company will now petition the High Court in London to appoint an administrator under Britain's Insolvency Act of 1986.
Bioglan's shares were suspended on the London Stock Exchange earlier today.
The company has been in financial trouble for some time and had been seeking to renegotiate payments to creditors.