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StrongRoom AI administrators seek 'urgent sale' despite asset freeze

HLB Mann Judd will seek talks with shareholders and the Federal Court over a freezing order that has restricted its access to funds it wants to use to sell the business.

Daniel Van Boom
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Two of StrongRoom AI's three founders, Max Mito and Christopher Durre. They are two of 13 targets of an asset freeze initiated by investor EVP on Monday. StrongRoom AI.

Advisory firm HLB Mann Judd is charging forward with an “urgent sale” of collapsed startup StrongRoom AI despite a Federal Court freezing order over funds that may hinder the administration process.

HLB Mann Judd was appointed to take charge of StrongRoom AI on Friday after its board voted for the startup to enter voluntary administration. Yet just days later Sydney venture capital firm EVP, which has been working to claw back a recent $10 million investment in StrongRoom AI, lodged a Federal Court order to freeze the assets of those administrators as well as 10 other defendants.

The freeze was granted, with court documents limiting administrators Todd Gammel, Barry Taylor and Matthew Levesque-Hocking to a budget of $200,000.

In a statement late on Tuesday, HLB Mann Judd said it was now seeking clarity about whether funds held by StrongRoom AI can be used for the voluntary administration, or whether it can strike a new agreement "with the interested parties" over the matter.