Straylight Studios in liquidation

Tim NixonEntrepreneurial Dunedin 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 redundancy payments.

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.

 

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