The Australian Media reported on Monday that email marketing firm FortyTwo International has been revealed as the supplier that has moved to wind up technology publishing house Derwent Howard stating that "Documents which became publicly available on Friday showed FortyTwo International lodged a winding-up notification with the Australian Securities and Investments Commission10 days ago, on August 28.
Derwent Howard Media co-founder and director Jim Flynn told Media the winding-up action was a mistake. "It was an administrative error in relation to a statutory demand that led to the situation," he said.
As previously reported Derwent Howard was rocked with the unusual departure of co-founder Nathan Berkley on the back of last months resignation of managing director Nick Cutler.
Mr Flynn commented that, "A director has left and I am going through a re-structure process. I am in constant contact with suppliers and clients."
Derwent Howard, publishers of specialist monthly and bi-monthly titles focusing on gaming, entertainment, technology and craft, was started by Mr Flynn and Mr Berkley in 2001 taking both middle names for the company name. In 2005 it was ranked number 38 on BRW magazine's fastest growing companies list.
According to reports in the media Mr Flynn has recently moved the ownership of four key titles from Derwent Howard to another company, Media Factory Pty Ltd, of which he is the sole director and recently registered another business name, Citrus Media.
Flynn stated that "The magazines are slowly being transitioned to a new company as part of a broad look at what is published where."
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