PHOTO: The proptech start-up initially emerged in 2017, gaining attention for its rental payment guarantees offered to landlords.ASIC
In a recent notice published by the Australian Securities & Investments Commission (ASIC) on June 29, 2023, it has come to light that Different Technologies Pty Ltd., a prominent proptech company in Australia, is currently grappling with significant solvency issues. As a result, administrators from KPMG have been appointed to oversee the operations of the company under section 436A of the Corporations Act 2001.
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This particular section of the act allows a company to appoint administrators if its board deems it insolvent or anticipates insolvency in the near future. The appointment of administrators follows a strategic move made by Different Technologies in October 2022, when they announced their shift towards providing property management services to real estate agencies, branded as “:Different for Agencies.”
This transition marked their venture into the consumer space, expanding upon their earlier endeavors. On their website, :Different touted the new offering as their “flagship solution,” positioning themselves as partners with top real estate agencies in Australia to provide superior service while alleviating the associated challenges and burdens.
The appointment of administrators is a significant development, occurring less than two years after the company successfully raised $25 million in a series B fundraising round and established a partnership with Commonwealth Bank of Australia, one of the country’s “big four” banks. At the time, :Different stated that the funds would be utilized for national expansion, bolstering their property management team, and advancing their technological capabilities.
https://propertynoise.co.nz/au/single-mother-lucy-banks-acquires-her-third-property-in-15-months-funded-by-her-onlyfans-earnings/
The proptech start-up initially emerged in 2017, gaining attention for its rental payment guarantees offered to landlords. Since its registration in 2016, :Different rapidly made a name for itself in the industry, positioning itself as a disruptive force in the real estate landscape.
Please note that the above rewrite provides a summary of the original article, rephrased to enhance clarity and conciseness.
https://propertynoise.co.nz/au/real-estate-agent-conned-out-of-close-to-330000/