An Australian technology company collapsed and all staff were fired on the spot via email.
Melbourne-based E-Mersion Media (Aust) Pty Ltd, which had won big contracts with Formula 1 and global football body FIFA, has gone into liquidation.
Registrar Kim Woronzcak on Tuesday ordered the company to be placed into liquidation “on the grounds of insolvency” in the Victorian Supreme Court.
It is understood that the company, which was dedicated to the digitization of printed magazines, owes more than $13 million to its creditors.
Its UK parent company is still operational, but the State Revenue Commissioner began closing proceedings against E-Mersion Media (Aust) Pty Ltd in March.
Last year, half of its then-16 employees, including some top managers, left as the company faced legal disputes and criticism over some of its spending.
The remaining staff were informed by email that they had been dismissed, effective immediately.
More to come.