Liquidators appointed to NSW developer

Liquidators appointed to NSW developer

Liquidators have been appointed to boutique NSW-based developer, KnowIT Pty Ltd, after it was hit with a wind-up application.

It was lodged by the Australian Tax Office (ATO) on March 15 following non-payment of tax. On June 23, a Federal Court registrar for NSW directed KnowIT be wound up and liquidator, Steven Nicols of Nicols and Brien, appointed.

The developer produces Web-based knowledge management software. According to its website, it was part of the Techcel Computer Services group of companies, which was also the subject of a wind-up application in October.

Former owner and director, Michael Lacey, 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," he 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 application, Lacey said he had sold the company to Newcastle-based software development house, KCM Systems, earlier this month. KCM was officially registered as a proprietary company on June 5.

Some of KnowIT's staff had been let go, leaving six employees, he said.

Nicols and Brien joint trustee, Richard Brien, said it was too early to determine how many creditors the company had or what its circumstances were.

"We have had a few former employees call about missing superannuation contributions. Most go over 12 months or more," he said. "We won't know the status of the company until we get a listing of assets and liabilities. I understand the company has been sold. We will need to get to the bottom of this."

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