Music streaming company Guvera has put two of its many subsidiaries into administration and plans to sack half its workforce to save money. Meanwhile chief executive, Darren Herft, has ruled out another attempt to list the company in Australia, saying it was more likely to try and list overseas.

The start-up, which was blocked from listing on the Australian Securities Exchange on June 17, has been burning through cash at an unsustainable rate. Management wanted to list the company to raise $50 million at $1 a share. The capital raised from the public was likely to have gone straight towards debts and would have allowed early investors to sell their shares.

On Monday, Guvera put Guv Services and Guvera Australia into administration with Neil Cussen and Enzio Sentatore of Deloitte. About 30 staff had been sacked by Tuesday, a company spokesman said.

The company has 11 Australian subsidiaries, according to the corporate regulator, and five international subsidiaries, including Guvera Finland, PT Guvera Indonesia, and Guvera Music India. These companies are still operating.

In an interview recorded before Deloitte were called in Mr Herft said "I don't think we will try an list again on the ASX".

"Our key focus right now is making sure that we get through this next short term period of time based on decisions being made. Then to build the company quickly and then review our options for potential listing. And probably, by the look of things, overseas will be our focus," he said.

Capital raised from the listing was to be used to invest in international sales teams tasked with getting more brands to advertise or sponsor content. Guvera is an international music streaming service that sells subscriptions and advertising. It claims to have nearly 16 million registered users worldwide, although not all of these are active users.

A spokesman for the ASX said in rejecting the listing it "exercised its discretion to refuse admission to Guvera, based on material contained in Guvera's application for admission". The specific reasons were confidential.

The share price would have valued Guvera at over $1 billion.

According to reports of a briefing Guvera chief executive Darren Herft gave shareholders last week, the company plans to cut monthly expenses from $6 million to $1.5 million. Up to 60 staff out of 130 could be sacked. Guvera receives revenues of about $200,000 a month and has accumulated losses of $238.5 million.

Mr Herft also claimed people connected to the Murdoch family recently invested $10 million in the company. Guvera recently paid $850,000 owed to the Australian Taxation Office and would soon pay superannuation to staff, he claimed. It also owes money to musicians and the parents of director Steven Porch.

Guvera has raised $185 million from investors, mostly self-managed super funds introduced to Guvera through their accountants. Mr Herft also owns AMMA, the private equity business pushing investors towards Guvera.