Wynyard today announced that 72 workers have been made redundant at the company in Auckland, Wellington, Christchurch and Dubai.
The company last week appointed KordaMentha's Neale Jackson and Grant Graham as voluntary administrators earlier this month to "ensure an environment where all options can be fully explored to retain the value in the business".
Graham today said he and Jackson were unable to continue the ongoing cost of the staff under the current cash deficiencies the company faces.
"Our priority now is to reduce the cost base and work with parties to realise value for Wynyard Group's intellectual property embedded in the various products. Unfortunately, as administrators, we cannot justify incurring continuing costs without confidence in a successful outcome," he said.
Logic Funds manager Greg Marshall is organising a class action lawsuit against the company. He said more than 1,000 Wynyard shareholders have put their names forward to join the proposed class action.