Bosses of a stricken software company lied to advisers and investors to stave off a looming cash crisis and possible receivership, a court has been told.

Executives of Henley-based AIT, worried they would not even be able to pay workers' wages, allegedly used a culture of secrecy and deceit to pretend turnover and profits would be in line with market expectations.

They hoped this would buy them valuable time to raise cash with a shares placement, which in turn would allow them to borrow yet more money from their bankers, claimed William Boyce, prosecuting.

Carl Rigby, 43, former chairman and chief executive, of Harpenden Way, Henley, ex-sales director Alistair Rowley, 43, of Berkhamsted, Hertfordshire, and Gareth Bailey, 36, former finance director, of Faringdon Road, Southmoor, near Abingdon, deny two counts of making a false, misleading or deceptive statement.

London's Southwark Crown Court heard that £90m was wiped of the company's share price when the truth about the company's financial problems finally began to emerge.

The trial continues.