It put itself into voluntary administration.
Businessman Andrew Barnes' company underwrites offer, as Equitise expands in Australia.
Both Snowball and its closest rival Equitise have tested the waters for a secondary market but ruled it out due to the lack of demand.
Gait International had already taken over the management and supply chain operations for Balex's automatic boat loader.
Balex is the first equity crowdfunded company to fail since the capital raising method became legal in NZ mid-2014. Shoeshine is certain it won’t be the last.