The senior management team was deep in talks about the future of the packager as Mortgage Strategy went to press on Friday afternoon.
A spokesman for TMO said he could not say whether the company would be placed into administration by this morning.
The talks also considered the future of Habitus Franchise Group, which Mortgage Strategy understands is owned by the same private investment company, BTP Limited UK.
It is understood that BTP bought out TMO towards the end of 2007. But after BTP allegedly failed to deliver on its contractual obligations, TMO tried to launch a management buyout on March 3. It is also thought that BTP bought out Habitus earlier this month.
A spokesman for TMO says: “The talks are focussing on who owns which company, the possibility of a management buyout of TMO and the future of TMO and Habitus.”