by CIO Staff

Australian Software Developer Hit by Wind-Up Petition

Jun 27, 20062 mins
IT Leadership

An Australian software developer, KnowIT Pty., has gone into liquidation after being hit with a wind-up application.

The application was lodged by the Australian Tax Office in March following the company’s non-payment of tax.

On June 23, a Federal Court registrar for the New South Wales district directed KnowIT to be wound up and liquidators Steven Nichols appointed.

KnowIT produces Web-based knowledge management software. Former owner and director Michael Lacie said its cash flow problem had been caused by a slower development cycle.

He claimed the ATO was its only creditor.

“In the past, our developers had not acted professionally and the software was missing back-end components. It had to be redeveloped, with different modules reworked,” Lacie said. “This meant our other projects were not completed on time.

“It’s not a lot of money. We approached the Tax Office with a payment schedule, but the wind-up application continued.”

As a result of the wind-up application, Lacie said he had sold the company to Newcastle-based software development house KCM Systems earlier this month.

Some of its staff had been let go, leaving six employees, he said.

-Nadia Cameron, Computerworld Today (Australia)

Check out our CIO News Alerts and Tech Informer pages for more updated news coverage.