The Nokia SDK 1.2 emulator only displays "Program Closed" when an application panics. To have the panic details like in SDK v1.0, you just have to create an empty file called ErrRd in Epoc32\Wins\c\system\Bootdata.

This also applies to the target devices (at least my 3650): create the same empty file in C:\system\Bootdata.

If you don’t know how to create such file, you can simply download and install the package below: