On August 28, shareholders resolved to appoint Raymond Cox and Gareth Hoole of Ecovis KGA as liquidators. In a report released on Friday, the liquidators said the company’s directors, David Christensen and Colin Dawson, had explained that the company was unable to raise further capital.
“The directors have advised the liquidators that the technology developed by the company required further capital to be introduced to take it to a fully commercial stage, but that there was not an appetite on the part of most of the shareholders to make that additional capital commitment.
Their first report identified assets of $111,309 and liabilities of $2.75m, including $1.4m of convertible notes yet to be converted. Unsecured creditors owed…