Brainytoys has called in Bryan Hughes of Pitcher Partners as administrator to the company, ending more than a year of uncertainty surrounding the Perth toy company.
In a notice to the Australian Securities Exchange today, Mr Hughes said he would "fully explore all options for the company, including the potential sale of its operations and/or a restructure and recapitalisation of the company".
Brainytoys ceased trading operations last month, Mr Hughes said in a statement.
Woes for the toy maker emerged late last year after it was unable to secure funds to fulfil its contractual obligations for the acquisition of a toy company in the US.
Shares in the company have been suspended since earlier this year.
Last month the company entered into a $2 million recapitalisation deal with the Athan Lekkas-backed Dalext, some four months after a group of Perth businessmen, including former West Coast Eagles managing director John Walker, had tried to secure the Brainytoys shell.