Key government contractor Interserve faces a crunch vote on Friday which could lead it into administration.
The outsourcing giant has been trying to persuade shareholders to back a rescue deal which would see 95% of the firm pass to lenders.
It reached a deal with creditors last month to prevent its collapse.
But if shareholders reject its debt-for-equity-swap plan in the vote, Interserve’s lenders could apply for a pre-pack administration.
This would mean the firm would avoid a Carillion-style collapse, but it would wipe out existing shareholders.
A pre-pack administration lets a company sell itself, or its assets, as a going concern, without affecting the operation of the business when administrators are appointed.
The administrators take over the running