NVOI and also the founders other HR businesses have been put into liquidation before.
If this does not sound any alarm bells to you, then good luck.
Thursday 23 April 2015 10:46am Online temp jobs platform liquidates subsidiary
Online temporary workforce recruitment platform Nvoi has appointed a liquidator for a subsidiary with at least 23 employees.
At a meeting last week, creditors approved the appointment of Cliff Sanderson of insolvency specialist Dissolve to handle the liquidation of Nvoi Corporate Services Pty Ltd.
According to documents sent to creditors, the company has no assets but owes more than $159.9k to 23 employees and $290.8k to unsecured creditors, including Adzuna, SEEK and LinkedIn.
The company's only secured creditor is Nvoi Limited, which is owed $1.4 million.
"Following a successful launch of Nvoi's staffing platform for beta testing in November 2014, and a less-than-successful seed round capital raising closing in December 2014 as part of a planned 2015 IPO, Nvoi Group completed a strategic review of the businesses direction and structure," director Lindsay Rowlands told Shortlist.
"As a consequence of the review, Nvoi abandoned the planned IPO, initiated a restructure of Nvoi's corporate arrangements and ceased the subsidiary operations, began a redesign of elements of the staffing platform arising from feedback from the beta period, and are examining future direction and opportunity."
Rowlands noted Nvoi Group raised $415k from investors in last year's capital-raising round but said "the report of $50k being invested in March 2015 arose from a delayed investor release about a December investment".
"More than $2 million has been invested in the development of the Nvoi staffing platform, and Nvoi, an Australian initiative, has received global recognition as a leader in this exciting development for the contingent workforce and hiring managers throughout the world," he added.
The business was co-founded by father-son duo Lindsay and Mark Rowlands, the latter of which was also the owner of financial services recruitment company Oceanic HR, which went into liquidation in September 2013.
NVO Price at posting:
6.0¢ Sentiment: None Disclosure: Not Held
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