software company Straylight Studios - which closed its doors
about a fortnight ago - has been placed in voluntary
liquidation by its shareholders, with the likelihood there
will be a financial shortfall for at least 20 creditors.
In July last year, the Dunedin-based technology company
announced it had changed its focus from being a service
company to large organisations, developing products on demand
for training or tourism, and would develop its own games and
training tools and sell them on the global market.
Straylight was started in a Northeast Valley flat by
University of Otago graduates, and was headed by chief
executive Tim Nixon. In its earlier stages, it came under the
Upstart Business Incubator umbrella.
Iain Nellies, of Insolvency Management Ltd, yesterday
confirmed Straylight was placed in liquidation on Monday.
Liquidators were just beginning to assess the extent of
Straylight's assets, its level of debt and what assets could
be sold, and it was "still too early" to make any payout
estimates, Mr Nellies said.
He understood there were secured creditors seeking payment,
including a bank and a finance company, the 12 employees were
in line as preferential creditors being owed holiday pay and
There were about 20 external unsecured creditors.
"At present, it appears there will be a reasonable shortfall
to creditors; but we can't yet estimate what that shortfall
may be," Mr Nellies said.