Sydney-based IT vendor, Clarity OSS, has been placed into voluntary administration following the sale of its assets to an unnamed US buyer.
Company directors have appointed Tim Heesh of TPH insolvency as the administrator.
The news comes as the company, which also has offices in Indonesia, Malaysia, Phillipines, Singapore and India, celebrates its 20th anniversary.
The company had agreed to sell the company's assets to the Australian subsidiary of an unnamed US buyer on June 24.
The acquisition was undertaken by Clarity's secured creditors, led by chairman Dr Ian Campbell and his company CPS.
This followed the company incurring a loss of $4.9 for the half year ending December 31, 2013.
According to a company statement, Clarity officers will meet Heesh early next week to request that he consider the possibility of presenting a Deed of Company arrangement to the Clarity creditors, with the intent that the deed will hopefully resolve all Clarity's liabilities and thereby also hopefully present the possibility of some upside.
"Clarity expects that Mr Heesh will communicate with creditors and shareholders as soon as possible," the statement said.
According to a June 24 company statement, "despite Dr Campbell's ongoing support, the company continued to suffer financial difficulties to the extent that, with CPS and Dr Campbell no longer having the capacity to support the company, the appointment of an administrator or liquidator was a real possibility."
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CPS had provided $26 million to support Clarity. It has also forgiven $14.5 million of that debt.
The sale of Clarity's assets was completed on June 3.