Everledger founder Leanne Kemp
Business

Brisbane blockchain provenance startup Everledger placed in administration after funding evaporates

- May 9, 2023 2 MIN READ

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 »

ASX

ASX-listed fintech IOUpay handed to administrators after its former CFO allegedly stole millions

- April 27, 2023 3 MIN READ

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 »

Business

Sydney gourmet food marketplace ChefPrep is in administration, 7 months after rebranding as CoLab after acquiring its Melbourne rival

- April 4, 2023 3 MIN READ

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 »

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 »