Motive TV goes into administration
Motive has been plagued by financial uncertainty since struggling to repay a number of loans despite promising contracts for its TabletTV app.
It filed a notice of intention to appoint administrators after the board reviewed its options regarding its current financial condition.
The announcement comes a day after the group reported it was unable to buy back loan notes from its largest holder. Following an agreed extension in January Motive failed to raise the required 150000 plus legal fees.
Trading in Motive shares has been suspended since the resignation of its nominated adviser earlier this month.
The company will appoint administrators from insolvency practice Quantama to assist directors and protect creditor interests.
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