Multimillion-dollar app development company Appster has collapsed into liquidation today, with business owners allegedly left empty-handed with unpaid refunds and poorly built apps.

A former golden child of the Australian startup and tech scene, Appster was once hailed as the ‘next Apple’ by commentators due to the company’s intense growth, boasting over $19 million in revenue and more than 400 staff across four international offices prior to its collapse.

However, today the Australian arm and headquarters of the company has been placed into liquidation, appointing administrator Paul Vartelas of BK Taylor & Co liquidators yesterday to manage the process.

Speaking to SmartCompany, Vartelas confirmed the business’ liquidation said the main reason for the business’ collapse was due to a “sharp drop” in work available over the last six months, leading to the business missing targets and losing revenue.

“The two directors are very young people, obviously highly successful, but both are really devastated,” Vartelas said.