Quintis is listed on the Australian Securities Exchange and owns and manages more than 12,000 hectares of Indian sandalwood plantations across northern Australia.

In a statement issued on Sunday Quintis said institutional plantation investor Asia Pacific InvestmentsDAC exercised an option requiring Quintis to acquire 400 hectares of plantations for $37 million but Quintis said it did not have the money to pay.

Shares in Quintis have not traded since May.

The business has 200 employees.

Richard Tucker, Scott Langdon and John Bumbak of KordaMentha have been appointed as voluntary administrators of Quintis.

Black Rock is Quintis' major creditor.

It is expected that McGrathNicol will be appointed as receivers and managers of Quintis' secured assets.

"We are very disappointed with this outcome given the huge efforts made over the last nine months to recapitalise the Company in order to deliver its sustainable future," said Quintis chairman Dalton Gooding.