Administrators have been appointed to wind up stricken ad tech firm Brandscreen – but the company may yet survive if money from a mystery Malaysian businessman finally arrives.
Sydney’s Supreme Court this morning placed the company in the hands of Graeme Beattie and Aaron Lucan from Worrells to wind up operations, the second time the company has been placed in administration.
A hearing two weeks ago was adjourned after Brandscreen owner and managing director Robert Manning told the court US$10m was on the verge of being deposited in its bank account from a mysterious Malaysian businessman.
The money would have allowed the company to pay all creditor’s and continue trading, he said.
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But no money has arrived.
Several former members of staff, who are owed wages dating back to February, were in court this morning to see registrar Leonie Walton agree to the winding up order.
The move comes after Manning, who acquired the demand side platform from US firm Zenovia in early 2015, took the company into voluntary administration on Friday.
Administrator Graeme Beattie, who will now assume liquidation duties, told Mumbrella he was still working through the company’s finances but said Brandscreen could, in theory, still be saved if the investment does arrive.
Manning had been telling staff for more than a year that investment was imminent. He said the constant delays were the result of the investor’s difficulties in releasing funds from Chinese banks amid a crackdown on overseas transfers.