Court gives Quickflix six months in stay of execution

Quickflix has been given a reprieve from closure by a court, as administrators try to find a buyer for the ailing business.

In an announcement to the Australian Securities Exchange (ASX:QFX) the troubled streaming service said the Supreme Court of Western Australia had given it an extension until October 21 to call its second meeting of creditors.

In the announcement, administrator Richard Hughes said the company had sought the extension to give it time to “seek proposals from parties interested in the purchase of the company’s business and/or recapitalisation of the company”.

The first Australian video streaming service went into administration last month after failing to reach an agreement with rival service, Stan, on buying its stake in the company.