Local tech company Wynyard Group has been placed into voluntary administration.
The board of the intelligence software company had been looking at various options including raising additional capital, or drawing on a $10 million loan from major shareholder, Skipton Building Society.
But in a statement the board has announced that KordaMentha partners, Neale Jackson and Grant Graham, have been appointed as administrators of the company.
Shares in the company had fallen 88 percent in value this year to 21.5 cents, before being placed in a trading halt.
The board says that it “considered all available options including potentially raising additional capital and drawing on the $10 million loan but concluded that neithe…
Read the full article at: http://www.newshub.co.nz/business/wynyard-group-in-voluntary-administration-2016102509