Independent report clears way for new owners to take over Quickflix without paying out shareholders

An independent report into the state of the finances of liquidated streaming service Quickflix has highlighted the speed of decline at the company, and concluded shares in it are worthless.

The report, prepared by BDO Corporate Finance, shows the company was operating at a deficit of more than $15m when directors called in the administrators on April 30.

Accounts show the company’s subscription income declined steadily from $18.258m in financial year 2013 to $9.688m as of April 30 this year when the company was put into administration.