John Parks, from KordaMentha, has confirmed that the business known as Intabill is, in Ausralia at least, dead and defunct.
The controversial Brisbane headquartered business that provided payment processing services for some of the world's leading poker sites, has gone under.
Reputedly, the business owes its creditors around $80million.
Parks said that the administration is formally for BTProjects Pty Ltd, the company through which Con Sciacca and Daniel Tvetzkoff ran their Intabill business operations in Australia.
Intabill Inc, is itself not an Australian company.
It is actually registered in one of the Caribbean island tax havens.
News of the voluntary administration appeared in the Australian media today after the administrators were appointed yesterday.
Readers of eCommerce Report will not have been surprised by the news, as we have been reporting for some time not just on Intabill's woes, but also on its various claims and the issues they raised.
One obvious issue is an Australian regulatory framework that allows a payments processor to evade any regulatory oversight whatsoever because it is formally incorporated off-shore.
