Swoop Aero - Liquidation

Swoop Aero, a Melbourne-based drone company, entered liquidation on 19 November after previously entering voluntary administration on 14 October.

At the time, the company’s CEO said the administration was a strategic decision made by the board and that he hoped for a successful restructure. Unfortunately, creditors have now voted to place the company into liquidation.

Simon Nelson of BPS Reconstruction and Recovery, already the administrator, was appointed liquidator.

In his report to creditors, the liquidator said under-capitalisation and significant expenditure on research and development contributed to the company’s financial difficulties.

The company has reportedly raised more than $26 million from investors including Main Sequence Ventures, Giant Leap and US-based In-Q-Tel since its inception in 2017.