Australian LGBTIQ publication Star Observer has entered voluntary administration, accouncing it is up for sale.
The magazine announced the news yesterday, appointing Trent McMillen from MaC Insolvency as administrator on Friday, May 10.
Star Observer chairman Sebastian Rice said: “Cash flow is the lifeblood of any small organisation.
“The Star Observer is an LGBTI community-owned not-for-profit that has always relied on advertising revenue to raise money. We do not receive any government funding.
“The board saw an unexpected slowdown in our advertising clients paying their bills, which caused us to run low on cash in the bank.”
Rice said the Star Observer entered voluntary administration to give the publication a chance to survive.
The Star Observer was founded in 1979 under the title The Sydney Star, and celebrated its 40th anniversary this year.
McMillen is currently looking into ways to allow the Star Observer to survive.
Options currently being explored include selling the business or proposing a Deed of Company Arrangement to avoid liquidation.