Distressed Assets Media Centre
04 May 2010
Venture capital company in administration as directors work on rescue plan
Source: smartcompany.com.au
Listed venture capital services business VentureAxess has been placed into administration as its directors struggle to restructure the company following the death of its founder in July last year.
VentureAxess, which is based in Sydney, is listed on the Newcastle Stock Exchange and specialises in providing services to emerging companies, including management services, capital raising services and advisory services.
The company's wholly owned subsidiary, Medical Science Australia, operated a $12 million investment fund that invested in a number of technology companies and start ups.
But after a difficult 12 months of operation, the company was placed in the hands of administrators Peter Vince and Kylie Wright of Vince & Associates on April 29 in order to "deal with the claims of its creditors".
Director David Hickie told SmartCompany this morning that the directors are committed to rescuing the company and will put forward a deed of company arrangement at a creditors meeting scheduled for June 2.
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