The liquidators of online discount voucher provider Vouchermate say the company tried to adjust to tougher economic times but was stuck with fixed costs.
Vouchermate's shareholders put the company into liquidation on Christmas Eve, owing $159,000.
The company provided discount vouchers for various retail suppliers and serviceswith customers paying to
advertise on its website.
"Although the company business model had changed to reflect the slowing economic activity in 2008 and 2009, the company was still obligated to pay substantial fixed overheads," liquidators Iain Nellies and Gus Jenkins said in their first report.
"Shareholders injected further funds ... and expenses were reduced, but ultimately this was not sufficient to enable the company to shift to the next level of income required for its continued viable operation."
There was a strong possibility unsecured creditors would get a payout, they said, however this depended on a successful sale of the company's assets.
Its main assets were its software, brand and client database.
