Big Un, the small business video company at the centre of a major accounting scandal,faces potential liquidation after its administrators, Deloitte Restructuring Services, requested more time to investigate the collapsed business.
The company, which began the year as a listed entity with a market capitalisation of over $500 million, was suspended from the exchange in February after an investigation by The Australian Financial Review revealed that the company's cash receipts were effectively sponsored by Sydney finance company, FC Capital, and not backed by actual sales.
In May, Big Review TV, the operating company that produced online videos for small businesses to file for administration while controversial chief executive Richard Evertz stepped down from his role.
Jonathan Shapiro has the full story here.