Wickham Securities, a Queensland-based debenture fund with A$27 million in liabilities, has gone into administration.The directors of Wickham appointed Grant Sparks and David Leigh, of PPB Advisory in Brisbane, as administrators before Christmas.The directors include Brad Sherwin, founder of Brisbane-based Sherwin Financial Planners, and Peter Siemons, the managing director. Garth Robertson, a former NAB and now a Suncorp Bank executive, joined the board in June.Wickham reported a profit of $396,000 for the year to June 2012, down from $839,000 in 2011.Net assets were $911,000, a level that does not meet ASIC benchmarks for debenture companies.Wickham's failure has left around 300 investors (said to be mostly self-funded retirees) out of pocket.It has been a bad time for small finance companies. In October, a property finance company and mortgage fund manager, Banksia Securities, failed. Banksia owes $650 million to investors.