Techpacific.com has refused to give fresh funding to its subsidiary Spike, whose Australian operations went into voluntary administration after a would-be investor failed to inject A$5.8 million (about HK$25.1 million) into the cash-strapped Internet solutions provider. The Growth Enterprise Market-listed technology start-up financier said yesterday the board of Spike (Australia) had appointed accountant Ferrier Hodgson as administrator. The administrator replaces the directors and controls the affairs of Spike (Australia). Techpacific said it was not prepared to provide additional funding but management was unavailable for comment. The development came two months after Techpacific proposed to sell its 54.8 per cent stake in Spike to Australia-listed Spike Networks in exchange for up to 80 per cent of Spike Networks' shares. Techpacific chairman Robert Owen said in May that the proposal would 'allow investors to better assess Spike's valuation'. At the time, Mr Owen said Spike was in talks with a potential investor on investing in the company. According to the statutory timetable the administrator has to follow, a creditors meeting must be convened by the end of this month. At the meeting, the creditors will vote on whether to return control to the directors, restructure the company or appoint a liquidator. The boards of Spike's subsidiaries in Hong Kong, Japan and Singapore are in talks with Ferrier Hodgson 'on the most prudent course of action for them to adopt'. Australia accounted for about 70 per cent of Spike's turnover. Spike incurred an operating loss of US$2.71 million in this year's first quarter, after losing US$10.36 million operationally last year. It had net liabilities of about HK$52.1 million at the end of last year.