Care homes giant Four Seasons is on the brink of collapse raising fears for thousands of elderly residents.
The care home giant is to appoint corporate undertakers at Alvarez & Marsal (A&M) to undertake the process.
The care home caters for 22,000 elderly residents across 322 homes however, the company has said operations will not be affected by the move.
The company has a mountain of debt totalling £525m, last year US hedge fund H2 Capital Partners who control Four Seasons ordered the sale of the company.
A&M will now attempt to sell Four Seasons Health Care.