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Techpacific subsidiary Spike calls in liquidators after failing to secure funds

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A key subsidiary of start-up financier Techpacific.com has appointed liquidators after failing to obtain fresh funds.

Internet solutions provider Spike had sought additional working capital from its shareholders, including Techpacific and Australia-listed Spike Networks, at a creditors meeting on July 10, Techpacific said in a stock exchange announcement yesterday.

However, Techpacific and Spike Networks refused to put in further capital.

As a result, Spike's board appointed two representatives from accountant Ferrier Hodgson as liquidators to wind up the company and its subsidiaries in Japan, Hong Kong and Singapore.

Australia accounted for about 70 per cent of Spike's turnover.

Ferrier Hodgson was appointed as Spike's administrator about 10 days ago, replacing its directors.

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