Fisburners ‘will continue to trade as usual’ as administrators KPMG get to work. Image: Fishburners / Facebook
Australian’s largest tech startup community, Fishburners, has entered voluntary administration.
Professional services giant KPMG confirmed on Thursday that it has been appointed administrator of the nonprofit “to facilitate a strategic restructuring of the organisation”.
An administration notice has also been published by the Australian Securities and Investments Commission (ASIC).
Board cites rental debt and ‘operating losses’
The Fishburners board said it decided the change was needed “following failed efforts to resolve long-standing rental legacy debt accumulated under the State-led sydney Startup Hub program, and subsequent operating losses”.
The board added that it wanted “to achieve a sustainable future and continuity for the thousands of tech entrepreneurs who rely on Fishburners’ support services”.
“The board have been actively engaging in consolidation and investment discussions, which the administrator will now pursue,” it said in a statement.
KPMG Australia’s partner in charge of the restructuring, Gayle Dickerson, said “Fishburners has been a pillar of the…