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 »
Invoice payment buy now pay later (BNPL) fintech BizPay was placed in voluntary administration last week Jonathon Keenan and Peter Krejci from BRI Ferrier were handed the books as administrators on November 23. The company’s website says no new loans are being issued while a restructure is being explored. Ironically for a fintech offering a… Read more »
Online dispute resolution platform Immediation was placed in voluntary administration last week, seven months after the startup’s founder and CEO departed amid a $2.8 million capital injection. Joanne Dunn and David McGrath from FTI Consulting were appointed administrators to 3 Australian entities: Immediation Pty Ltd (the head company), Immediation Platform, and Disputech IP Holdco, on… Read more »
Atlassian cofounder and billionaire investor Mike Cannon-Brookes has taken charge of the $30 billion SunCable solar power project he once labelled as “insane”, with the deal to buy it from the company’s administrators going through last week. Helietta Holdings a joint venture company affiliated with his family venture capital firm, Grok Ventures, in partnership with… Read more »
Nourish Foods Pty Ltd, the parent company of organic children’s food brand Whole Kids, has been placed in voluntary administration, just months after it failed to raise $1 million via crowdfunding. The 18-year-old B Corp-certified family business is now being put on the market by administrators Tim Heesh and Mark Everingham of TPH Advisory after… Read more »
Nourished Life founder Irene Falcone’s Sans Drinks will get a second life with business being acquired from its administrators by online retailer Just Wines. The online non-alcoholic drinks store was placed in voluntary administration in mid July, with Falcone citing a challenging and changing retail environment. The sale is a surprising turnaround for the business… Read more »
Residential property management startup Different, has been handed to administrators, unable to attract new capital, despite being backed by Airtree and the Commonwealth Bank’s venture arm, X15. Seven-year-old Different Technologies Pty Ltd was placed in voluntary administration with KPMG on Thursday. Founded in 2017 by expat Silicon Valley entrepreneurs, Mina Radhakrishnan, a former Uber global… Read more »
Subscription craft gins startup Gintonica has been placed in voluntary administration, 5.5 years after its launch. The drinks business, best known for its Australian craft gin Advent calendars, was put up for sale by founder David Box in early May, but last week he handed the keys and books to David Ross of Sydney firm… Read more »
The “global first” of $5 a litre “raw” milk has not been the innovation goldmine the founders of diary tech startup Made by Cow had hoped, with the business placed in voluntary administration last week and closing its doors. The Sydney startup developed a patented method to treat milk so it was safe to drink… Read more »
The battle for control of failed renewable energy startup Sun Cable between billionaires Mike Cannon-Brookes and Andrew Forrest has been won by the Atlassian cofounder. Sun Cable’s voluntary administrators FTI Consulting, announced on Friday afternoon that they’d entered into an asset sale agreement (“ASA”) with Helietta Holdings 1 Pty Ltd, an entity affiliated with Grok… Read more »
Blockchain provenance startup Everledger has been placed in voluntary administration after an existing investor failed to follow through on the 2nd tranche of their funding. The Brisbane tech company, founded in 2015 by former Queensland chief entrepreneur Leanne Kemp, offers supply chain traceability using blockchain, artificial intelligence, intelligent labelling and Internet of Things. They were… Read more »
The 2020 decision by the founders of BoozeBud to buy back their online drinks retailer from Japanese brewing giant Asahi Beverages has not panned out as planned, with voluntary administrators taking control of the business on Tuesday and shutting down sales. A majority of the board members had resigned over the recent months and the… Read more »
The board of ASX small cap IOUpay handed control to PricewaterhouseCoopers as voluntary administrators on Wednesday after a major fraud that siphoned off millions of dollars left the fintech unable to pay its bills. Shares in the Malaysia-focused fintech (ASX:IOU) have been suspended at $0.04 cents since the fraud was first uncovered in mid March.… Read more »
If you’re after some gourmet food at a discount over Easter, CoLab’s new administrators, EY, are offering 30% off the marketplace’s best sellers until 11 April – 5 days after creditors will meet in Sydney to hear more about the financial status of the business this Thursday. The meal home delivery marketplace, which raised $3… Read more »
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 »
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