The new one had "hand rolled cryptography", which should make you twitch uncontrollably if you know anything about security.
The new application had, among other failings, hard-coded (unchangeable!) RSA keys used for communication channels. As in, all customers shared the same keys. I can't remember the exact specifics, but I swear at some point there was something like encrypted JSON in XML. Or was it encrypted XML in JSON? Does it matter which?
The old app that I wrote would happily take JavaScript or SQL snippets as inputs to any text field and do The Right Thing.
You don't want to know what happened to the new app when it was tested with malicious inputs.
The testing team were told "not to go too hard on it", because that would "derail the project".