Security technology company QRSciences Holdings (ASX:QRS) has placed its unprofitable subsidiary, QRSciences Pty Ltd, into administration.
The subsidiary has appointed Taylor Woodings as its administrator, is part of the parent's efforts to exit its cashflow negative businesses.
The business assets of the unit had already been sold to Rapiscan in April, and its employees had been terminated in June, leaving it with only a small amount of cash in bank as assets.
The unit owes $27.5 million to QRSciences Holdings taken out as an intercompany loan, the company said.
More subsidiaries - including Baxall Australia - will be wound up shortly, it added.
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