Australian software developer hit by wind-up petition

26.06.2006
An Australian software developer, KnowIT Pty. Ltd., 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.