Cashflow problems terminal for software supplier
Donald McNaught, partner with Johnston Carmichael has been appointed as administrator to Edinburgh-based software developer Payfont Ltd, which has collapsed with the loss of all jobs
11 Sep 2017
The business offered a range of world-leading software products to enable secure payment processing, and employed 12 staff, all of whom will be made redundant. The company was founded 14 years ago and was developing technology designed to provide unprecedented levels of digital security for an individual's digital identities and online data.
The administrators said Payfont’s cyber security software has attracted significant international interest.
Donald McNaught partner at Johnston Carmichael and administrator, said: ‘The difficult decision to enter administration was made by the directors when it became clear that ongoing commitments could not be met from available working capital.
‘Efforts had been made in the months leading up to administration to raise sufficient capital to allow trading to continue but unfortunately time ran out for that fundraising exercise to be completed successfully.’
Report by Pat Sweet