Mike Cannon-Brookes
Business

Mike Cannon-Brookes lends Sun Cable $65 million to keep the show on the road as its administrators look for a buyer

- January 24, 2023 2 MIN READ

Atlassian cofounder and billionaire investor Mike Cannon-Brookes has lent Sun Cable, the startup behind a $30 billion project to send solar power to Singapore, $65 million to keep operating as the company’s voluntary administrators look to sell the business. Cannon-Brookes is making the no interest loan through his family venture capital firm, Grok Ventures after… Read more »

Mike Cannon-Brookes
Business

The $30 billion Sun Cable project hits voluntary administration amid falling out between billionaire backers Mike Cannon-Brookes and Andrew Forrest

- January 12, 2023 2 MIN READ

A $30 billion project to send solar-generated power made in Australia to Singapore has been placed in voluntary administration (VA) amid a reported falling out between its key backers, the tech and mining billionaires Mike Cannon-Brookes and Dr Andrew Forrest. Cannon-Brookes and Forrest are cornerstone investors in Singapore-based Sun Cable – the Atlassian co-founder through his private… Read more »

Brosa cofounders Richard Li and Ivan Lim.
Business

Kogan snaps up failed furniture retailer Brosa for $1.5 million

- December 22, 2022 3 MIN READ

ASX-listed online retailer Kogan.com has swooped on another distressed asset, acquiring failed furniture brand Brosa a week after it was placed in voluntary administration. Administrators KordaMentha reached a deal with Kogan.com (ASX:KGN) to buy Brosa’s assets for $1.5 million after more than 30 parties expressed interest in the 48 hours after the business was placed… Read more »

Brosa cofounders Richard Li and Ivan Lim.
Business

AirTree Ventures and Bailador-backed ecommerce venture Brosa hits voluntary administration

- December 16, 2022 2 MIN READ

Online furniture retailer Brosa is up for sale after the business was placed in voluntary administration this week. Richard Tucker and Michael Korda of KordaMentha were appointed Voluntary Administrators of the 8-year-old ecommerce company, which raised more than $7 million in venture capital from the likes of Airtree and ASX-listed Bailador Technology Investments. While Bailador… Read more »

Deliveroo rider
Business

Deliveroo puts $18.8 million on the table as it leaves town – after losing $33 million this year

- December 14, 2022 2 MIN READ

Deliveroo was losing around $3 million a month on its Australian operations, administrators KordaMentha found, with revenue sliding this year in the wake of 2021’s pandemic lockdowns. The business has put a Deed of Company Arrangement (DOCA), backed by the administrators, on the table offering a total of $18.8 million to staff, delivery riders and… Read more »

Kangaroo Valley property, Heggy's
Business

It looks like the Metigy liquidators have broken even selling the houses bankrupt founder David Fairfull bought with company funds

- December 12, 2022 2 MIN READ

The liquidators of failed adtech startup Metigy, which collapsed into administration in July, just 20 months after raising $20 million in a Series B, have taken a $1.45 million hit on the sale of a country property bought using company funds by the startup’s now bankrupt founder, David Fairfull. Fairfull bought the 48-hectare 4-bedroom property in the… Read more »

Digital Surge cofounders Dan Rutter and Josh Lehman
Cryptocurrency

Brisbane fintech Digital Surge is the latest cryptocurrency exchange in voluntary administration

- December 9, 2022 3 MIN READ

Brisbane fintech Digital Surge is the latest cryptocurrency exchange to be placed in voluntary administration in the wake of the collapse of US exchange. Scott Langdon, John Mouawad and David Johnstone from KordaMentha Restructuring were appointed voluntary administrators on Thursday, after the fintech’s directors made the decision to put the business in VA on Wednesday.… Read more »

Cryptocurrency

FTX Australia is in administration

- November 11, 2022 2 MIN READ

The Australian arms of crumbling cryptocurrency empire FTX have been placed in voluntary administration. Scott Langdon, John Mouawad and Rahul Goyal of KordaMentha Restructuring took over as administrators of the Sydney-based cryptocurrency businesses  FTX Australia Pty Ltd and subsidiary FTX Express Pty Ltd on Friday following a board meeting earlier today that decided to place… Read more »

Ellume Covid-19 home test
Business

The Australian arm of Queensland biotech Ellume Health has been placed in voluntary administration

- September 2, 2022 2 MIN READ

Queensland biotech startup Ellume Health, which last year won a $300 million US government contract to supply Covid home testing kits, has placed its Australian business in voluntary administration. FTI Consulting were appointed as administrators of Ellume Ltd on Thursday. In a statement from FTI, administrators John Park and Joanne Dunn said Ellume’s directors appointed… Read more »

Shebah
Other tech

Women-only rideshare Shebah set to survive following creditor deal

- February 14, 2022 2 MIN READ

The administrators of women-only rideshare business Shebah say the startup has been saved from collapse.  The Melbourne startup Shebah was placed in voluntary administration last October, a victim of ongoing lockdowns during the Covid pandemic. Shebah founder Georgina McEncroe tried to find new investors to ride out the pandemic, especially after revenues plummeted 70% due… Read more »

George McEncroe
Other tech

Women-only rideshare startup Shebah placed in voluntary administration

- October 20, 2021 2 MIN READ

Melbourne startup Shebah has been placed in voluntary administration, a victim of ongoing lockdowns during the Covid pandemic. Administrators Sam Kaso and Rachel Burdett of Cor Cordis said they will try to save the country’s only women-focused rideshare business through a sale or restructure. “Shebah will continue to operate as normal while we stabilise the… Read more »

Data republic, Paul McCarney
ASX

ASX-listed software security company IXUP is buying Data Republic’s $50 million tech platform for $3m

- June 7, 2021 2 MIN READ

ASX-listed data security company IXUP Ltd (ASX:IXU) has scored a software bargain from the administrators of failed tech startup Data Republic, buying the data exchange’s intellectual property and IT for just $3 million. The purchase price represents a 94% discount to the almost $50 million Data Republic spent building the platform. The acquisition came from… Read more »

Data Republic
Topics

Sydney data exchange startup Data Republic has been placed in voluntary administration

- May 7, 2021 2 MIN READ

Data exchange startup Data Republic has been placed in voluntary administration after seven years and raising more than $30 million from prominent investors including ANZ, Westpac’s Reinventure, NAB Ventures, Singtel Innov8, Qantas Loyalty and Singapore Airlines. Founded in Sydney by Paul McCarney and Danny Gilligan in 2014, the business had expanded to have offices in… Read more »