The Australian Securities and Investment Commission (ASIC) has confirmed that Australian software development company Senacon has been placed in administration.
Senacon specialises in accounting and e-business software for the SME market, and ran into financial trouble after running out of venture capital funding.
Jones Condon chartered accountants have been appointed as the administrator and will hold a meeting of creditors on the 29th June to discuss the future of the company. A spokesperson for the Jones Condon suggested the creditors will decide to either place the company in liquidation and sell off its assets, or the directors of the company will offer a Deed of Company Arrangement, proposing some method of appeasing creditors to get the business back on its feet.
Resellers contacted by ARN last week suggested they have been sheltered from the fall-out of the business' failure as most did not stock a large amount of Senacon product at any one time. Most expressed relief that the most risk lay with distributors that took on stock rather than resellers.
Senacon's distributor, Tech Pacific didn't want to make any comment in relation to the vendor.
Senacon directors have not been available for comment.