Creditors of Strong Room AI will get a chance to stare at the financial entrails of the drugs managements startup next week, when administrators for the business hold its first creditor’s meeting on April 8. A battle for whatever funds remain in the Melbourne startup, just weeks after it raised $17 million, will unfold in… Read more »
Voluntary administration has not dampened the ambitions of medical device startup Seer Medical, which is seeking a buyer as it prepares to release the next generation of its epilepsy home monitoring and detection device in the United States. Administrator Lindsay Bainbridge of Pitcher Partners Melbourne said non-binding offers are being sought for Seer Medical for… Read more »
Troubled Victorian medical device startup Seer Medical has been placed in voluntary administration amid a product recall and legal battle with its ousted cofounder. Lindsay Bainbridge and Andrew Yeo from Pitcher Partners Melbourne were appointed administrators on January 6 following a pre-Christmas board meeting where the medtech’s directors voted to hand over the books. Pitcher… Read more »
Sydney retail technology startup Hivery was handed to administrators last week after nine years and nearly $63 million in venture capital. The books for Red Analytics, trading as Hivery, were handed to Christopher Johnson and Andrew McCabe at Wexted Advisors in Sydney on November 6. A first meeting of creditors is scheduled for Friday, November… Read more »
Crowdfunding platform Equitise has been handed to voluntary administrators after cofounder Jonny Wilkinson failed in his own attempts to raise a $500,000 bridging round. Administrators Damien Mark Hodgkinson and Mohammad Mirzan Bin Mansoor from Sydney firm Olvera Advisors were handed the books on October 31. An initial creditor’s meeting will be held on November 12.… Read more »
Drone delivery venture Swoop Aero, which raised more than $26 million in VC funding, has been placed in administration as cofounder Eric Peck claimed pressure from investors placed the business in that position. BPS Reconstruction and Recovery’s Simon Nelson was appointed administrator of Swoop Aero Pty Ltd and Kookaburra Aerospace Pty Ltd on October 14.… Read more »
Brisbane battery company Redflow has been placed in voluntary administration and its shares suspended from trade just weeks after unveiling plans for a 5 MWh project with Queensland’s energy generators, Stanwell Corporation. Richard Hughes and David Orr from Deloitte were appointed voluntary administrators of Redflow and three subsidiaries by its board on Friday, not long… Read more »
Shant Kradjian, the owner of consumer electronics retailer digiDirect, has acquired the assets of failed ASX-listed Booktopia in a deal that will bring the online bookseller back online and out of administration. The sale price, which has not been disclosed, will not see a return to shareholders. Booktopia racked up debts of around $60 million,… Read more »
Brisbane-based electric vehicle charger manufacture Tritium will live, but under new Indian owners. New Delhi-based EV charger manufacturer Exicom has scored a bargain, snapping up the rival business, at one stage worth $2 billion before it was handed to administrators in April, for $45 million (US$30m). The acquisition will save around 300 Australian jobs, but will… Read more »
Online retailer Booktopia has been placed in voluntary administration less than four years after listing on the ASX. Shares in the Booktopia Group (ASX:BKG) had been suspended since mid-June after admitting the business had liquidity issues and sought funding for redundancies and working capital. McGrathNicol restructuring partners Keith Crawford, Matthew Caddy, and Damien Pasfield were… Read more »
Monogramed luxury fashion business The Daily Edited (tde.) is back from the brink yet again, with the former startup’s owner, Marquee Retail Group (MRG), emerging from voluntary administration, following the execution of a Deed of Company Arrangement (DOCA) to secure the business. MRG is owned by former Myer boss Bernie Brookes. It bought tde. in… Read more »
The end of the alternative proteins gold rush has claimed another victim with one of the pioneers in the space, ProForm, the makers of “Meet” being placed in voluntary administration, despite the backing of billionaire Andrew Forrest. KPMG Australia’s Gayle Dickerson and James Dampney were appointed voluntary administrators of Proform Food Group Pty Ltd and… Read more »
Brisbane solar battery startup Redback Technologies is out of voluntary administration after two months with new owners in charge. Fintech Australia Ebon has put an initial $500,000 into the business after creditors approved a deed of company arrangement (DOCA) earlier this month to allow Redback, founded in 2015, to trade its way back to profitability,… Read more »
Monogramed luxury fashion startup The Daily Edited (tde.) is back in voluntary administration, just 15 months after the brand was sold to former Myer boss Bernie Brookes. Marquee Retail Group (MRG), which scored tde.’s flagship store in Sydney’s Queen Victoria Building, when it bought the 10-year-old business in December 2022, handed the books to administrators… Read more »
Brisbane solar battery startup Redback Technologies has handed its books to voluntary administrators. McGrathNicol were appointed administrators of Redback Operations Pty. Ltd on March 5, as the company was in Sydney exhibiting at the Smart Energy Expo. Redback continues to trade as the administrators seek expressions of interest for the sale or recapitalisation of all… Read more »
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