Message Queue Exception

"The queue does not exist or you do not have sufficient permissions to perform the operation."

private void btnsend_Click(object sender, EventArgs e)
{
      Payment payment;
      payment.Payor = textBox1.Text;
      payment.Payee = textBox2.Text;
      payment.Amount =Convert.ToInt32 ( textBox3.Text);
      payment.DueDate = textBox4.Text;
      System.Messaging.Message msg = new System.Messaging.Message();
      msg.Body = payment;
      MessageQueue myque = new MessageQueue(".\\private$\\billpay");
      myque.Send(msg);
}