Feeds

Invisible Networks goes titsup

No money, no buyer

  • alert
  • submit to reddit

Top three mobile application threats

Wireless broadband outfit Invisible Networks has gone titsup after running out of cash and failing to find a buyer.

Without any money to pay for the leased lines that support IN's wireless broadband communities the company has warned its customers that their services are likely to be switched off "within a very short period of time".

A last ditch bid to sell the company failed with insiders claiming that the company's debt problem proving to be too much of an obstacle.

In an email to customers boss Richard Nuttall said: "Over the past month or so the company has been experiencing cash flow difficulties and the directors have taken professional advice on restructuring the company.

"As part of this process we have sought a buyer for the business and assets as a going concern, but regrettably have heard today from the last remaining interested party that they will not be making a bid.

"The company is insolvent and cannot continue to trade and in accordance with professional advice the directors have today instructed business rescue and insolvency specialists McTear Williams and Wood to assist to place the company into Creditors' Voluntary Liquidation," it said.

No one at the Cambridge-based insolvency outfit was available for comment at the time of writing.

In August, IN shed half it jobs as part of a restructuring process which, the company said, was due to the "changing demands of projects" it was working on.

At the time the company said that the restructuring had enabled it to "refocus its expertise" and that it was now in a "strong position to grow and move forward in a fast-expanding industry". ®

Related Stories

Invisible Networks confirms restructuring
Invisible Networks confirms job losses

Combat fraud and increase customer satisfaction

More from The Register

next story
Virgin Media so, so SORRY for turning spam fire-hose on its punters
Hundreds of emails flood inboxes thanks to gaffe
A black box for your SUITCASE: Now your lost luggage can phone home – quite literally
Breakfast in London, lunch in NYC, and your clothes in Peru
AT&T threatens to pull out of FCC wireless auctions over purchase limits
Company wants ability to buy more spectrum space in auction
Turnbull leaves Australia's broadband blackspots in the dark
New Statement of Expectations to NBN Co offers get-out clauses for blackspot builds
Facebook claims 100 MEEELLION active users in India
Who needs China when you've got the next billion in your sights?
Facebook splats in-app chat, whacks brats into crack yakety-yak app
Jibber-jabbering addicts turfed out just as Zuck warned
Google looks to LTE and Wi-Fi to help it lube YouTube tubes
Bandwidth hogger needs tube embiggenment if it's to succeed
prev story

Whitepapers

SANS - Survey on application security programs
In this whitepaper learn about the state of application security programs and practices of 488 surveyed respondents, and discover how mature and effective these programs are.
Combat fraud and increase customer satisfaction
Based on their experience using HP ArcSight Enterprise Security Manager for IT security operations, Finansbank moved to HP ArcSight ESM for fraud management.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Top three mobile application threats
Learn about three of the top mobile application security threats facing businesses today and recommendations on how to mitigate the risk.
3 Big data security analytics techniques
Applying these Big Data security analytics techniques can help you make your business safer by detecting attacks early, before significant damage is done.