IT Media company Derwent Howard, the publisher of the Dick Smith Magazine and several gaming titles has been placed into administration with questions now being raised as to whether assets and mastheads have been systematically moved to new companies that will allow former executives of the company to continue trading.
During the past few weeks, the company has attempted to raise capital, after a winding up order was served on the company in the NSW Supreme Court.
Last month, the Managing Director Jim Flynn, who recently started publishing pornographic publications, said that the company was not in trouble and that the serving of a wind up order was a “misunderstanding”.
During a recent interview with ChannelNews Jim Flynn said “The business is in no danger of closing, despite receiving a winding-up order”.
A search of ASIC today reveals that the company has been placed into administration.
Debts are believed to run into several million dollarts after the company attempted to launch six new magazines after UK publisher Future Publishing took several titles away from Derwent Howard in what was a messy parting of the long time relationship.
More to follow.