Sule Arnautovic and Glenn Anthony Crisp of Jirsch Sutherland were appointed as joint and several administrators on Saturday.

Shares in Melbourne-based Morning Star have been suspended from trading on the Australian Securities Exchange since June 2012.

The company ran into trouble back then when its major shareholder Chillee terminated $A10 million in funding.

Despite having just $5000 in the bank at the end of June 2013, Morning Star spent $528,000 on administration costs during the 2014 financial year.

Its cash balance at the end of September was listed as nil, down from $9000 at the end of June.

The ASX threatened to remove the company from the official list in August due to failure to pay its annual listing fees, though the company later made the payment, despite its dire financial situation.

Morning Star owns the historical Woods Point gold project in Victoria, which had recently restarted production when the company’s funding was withdrawn.