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 neither raising further equity nor incurring debt was in the best interests of the company, its shareholders or other stakeholders".
"The board believes this is the right decision under the circumstances, in order to ensure an environment where all options can be fully explored to retain the value in the business."
"The board acknowledges the significance of its decision for shareholders, staff and customers; and will work with KordaMentha to support these parties as it moves quickly through this process.".