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Fuel VFX appoints voluntary administrator
[Tue 28/08/2012 12:53:50]
By Staff reporter
The Australian visual effects house behind films such as Prometheus and Marvel hits including Iron Man 2 and The Avengers has called in voluntary administrators.
Jirsch Sutherland Partners' Andrew Spring and Sule Arnautovic were appointed by Fuel VFX's directors on August 27.
Fuel's directors hope to preserve and restructure the business, according to the administrators, who are also seeking expressions of interest in the business and its assets.
"The company's directors have advised Jirsch Sutherland that, being independent, the company has struggled to navigate the downturn in work that is affecting many visual effects companies worldwide at the moment."
The post-production, digital and visual effects (PDV) rebate was doubled to 30 per cent just over a year ago however the high value of the Australian dollar has continued to make business difficult.
Nonetheless, VFX businesses around the world are also encountering similar problems. Long-standing California-based VFX house, Matte World Digital, also closed this month.