Bluechiip Limited (ASX:BCT) - Voluntary Administration

Bluechiip Limited (ASX:BCT), a Melbourne-based biological sampling services group, entered voluntary administration on 17 March, with Manuel Hanna of Romanis Cant appointed as administrator.

The company’s shares have been suspended from the ASX for the last five months while it attempted to secure a strategic investor or buyer of the business.

In December, Bluechiip announced that it had entered into a $1 million licence, development and supply agreement with US-based BioLife Solutions.

The company also received nearly $1 million from its shareholders and took various cost-cutting measures, but this was not enough to save it from administration.

The administrator will now seek potential buyers or investors for the business.