Adcorp Holdings Ltd. (ADR:JNB), a Johannesburg, South Africa-based staffing provider, said Wednesday it hadn’t found a buyer for its subsidiary allaboutXpert Australia Propriety Ltd. As a result, Adcorpo placed allaboutXpert in voluntary administration on 12 December.

Adcorp had reported in October that it had classified allaboutXpert Australian subsidiary as a discontinued operation and noted the subsidiary’s performance had negatively impacted overall business.

The allaboutXpert business had contributed less than 1.7% of Adcorp’s revenue for the six months ended 31 August, according to a regulatory filing. Adcorp itself remains both solvent and liquid, the company said, adding its continuing operations are unaffected by the situation with allaboutXpert.

The voluntary administration process aims to maximise the chances of preserving allaboutXpert’s business and optimise returns for creditors and shareholders, Adcorp wrote.

Glenn Livingstone and Alan Walker of WLP Restructuring have been appointed joint administrators.