Ocean Guardian, the Australian company behind the popular Shark Shield shark repellent technology, has filed for bankruptcy.

Documents released on Friday by the Australian Securities and Investments Commission (ASIC) show that Ocean Guardian Holdings Limited and Shark Shield Pty Ltd, its retail arm, will be voluntarily liquidated.

The decision marks the end of a venture that has been producing electronically powered shark repellents worn by surfers and sea divers around the world for more than 20 years.

Shark Shield claims its technology emits electronic pulses that irritate sensitive glands in sharks’ mouths, discouraging the marine predators from approaching users.

Its products, including ankle straps and surfboard attachments, are sold both in Australia and overseas.

Selected Ocean Guardian devices are eligible for a $200 rebate from the Western Australian Government as part of the Shark Deterrence Strategy.

The technology was originally developed in the 1990s by a trio of South African inventors and licensed to South Australian company Sea Change in the early 2000s.

The company relocated to New South Wales, changed the name of its product line to Shark Shield and operated under the Ocean Guardian banner.

After two attempts to go public, in 2018 and 2022, Ocean Guardian went into receivership in late May.

On May 24, Olga Litosh of Quartz Advisory was appointed as a voluntary administrator.

Reports prepared by Litosa and obtained by Australian, show that the venture has committed significant resources to trialling the IPO and the promise of a shark barrier system that could be deployed over larger areas.

However, the company struggled with a lack of working capital, which limited its ability to finance its core boating and diving equipment business, which hurt its sales results.

Litosh was unable to trade the company during the bankruptcy proceedings due to its receivership, but he tried to find a buyer for the company and its assets.

SmartCompany contacted Quartz Advisory for comment.

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