Hyundai’s plan to launch as a handset brand in European markets has failed after its parent and major European distribution partner, Leitz-Austria, went into administration.
The demise of Leitz-Austria precludes Hyundai Mobile launching in the UK also, where its partner Advantage Cellular is also in administration.
Advantage Cellular was placed into administration in March after Polish billionaire owner Roman Karkosik pulled its funding in a dispute with chairman Simon Earle.
Hyundai Mobile, led by Roland Prinz, is 100 per cent owned by Leitz-Austia.
The commercial court of Vienna said Leitz-Austria has assets of €2.7 million and unsecured liabilities of €19.07 million, which includes debt of €17.4 million.
It has 130 creditors and 44 staff.