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Space start-up folds, owes NT $5m

A space start-up once billed as Australia's space launch future has collapsed into liquidation, owing the Northern Territory government $5 million.

The company, which had launched NASA rockets from the NT, has now entered liquidation proceedings, leaving the territorial government with an unpaid debt of $5 million. The collapse comes despite the company's previous billing as a pioneer in Australia's burgeoning space industry.