Gold minnow Central Asia Resources has been placed in voluntary administration.

The troubled explorer (ASX:CVR) is now in the hands of restructuring and insolvency firm Palisade Business Consulting.

Central Asia has been selling off its gold assets in Kazakhstan and working to get relisted on the ASX.

The company originally hoped to be back trading on the Australian bourse last year, but flagged in November that it was not likely to occur until the first half of this year.

Central Asia’s future will now be decided at an upcoming creditor meeting.

The company had just $23,000 in the bank at the end of the September quarter.

Philippe Reiser and Robin Gill resigned as non-executive directors earlier in February.