Quickflix has gone into voluntary administration, blaming rival streaming service Stan.

Quickflix says it has appointed Ferrier Hodgson as administrator because the $11.7 million of redeemable preference shares Stan acquired from HBO in 2014 are stopping it from raising the capital it needs.

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Quickflix, which this month announced a 15 per cent cut in staff as part of an effort to save $1 million a year, said it cannot afford Stan’s demand for either $4 million in cash or $1.5 million and all Quickflix’s subscribers in exchange for restructuring the shares.

“The majority of potential new funders have specified the restructure of the RPS as a condition of providing capital,” Quickflix said in a statement.