Johnston Carmichael appointed administrators at Edinburgh payment processing firm

Donald McNaught, restructuring partner at Johnston Carmichael has been appointed as administrator to Edinburgh-based payment processing firm Payfont Ltd.

The Edinburgh-based 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’s cyber security software has attracted significant international interest.

Mr McNaught took over the running of the company yesterday.

He 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.

“Our objective now is to maximise value for creditors and, ultimately, shareholders.”

Payfont Ltd 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.

Johnston Carmichael’s corporate finance team will be assisting the administrator.

Interested parties have been invited to contact Lyn Calder, corporate finance director in the firm’s Glasgow office.