An "embattled" sports technology firm chaired by former NSW Premier Nick Greiner and featuring high-profile directors and investors "faces insolvency action" in the U.K., according to John Stensholt of the AUSTRALIAN FINANCIAL REVIEW. Private Melbourne company PlayUp, which has burnt through A$75M ($63M) of funds raised from investors "including BRW Rich List members, corporate high-flyers and sports stars, has been taken to court in London regarding unpaid wages" of more than A$100,000 owed to its former European CEO Sophie Neary. Neary "initiated winding-up proceedings against PlayUp," via its corporate entity Revo Pty Ltd., in the U.K. last week. The company "now has about two weeks to pay back" about £60,000 ($110,000). PlayUp management was "offering to pay Neary back the sum in instalments, before the offer was rescinded." Neary said PlayUp "had been given many opportunities to pay." Neary said, "What’s disappointing is that they haven’t made even a token payment as a goodwill gesture." PlayUp CEO George Tomeski said, "The situation will get sorted out. It is a commercial dispute and it will get sorted" (AFR, 12/1).
