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Bali Australian fashion company in financial trouble

Discussion in 'Bali News - Indonesia News' started by balinews, Jun 11, 2017.

  1. balinews

    balinews Member

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    It was once a beloved Australian fashion label worn by the likes of Lana Del Rey and Rihanna.

    But things are looking grim for the decade-old Shakuhachi, with a second associated business now in liquidation – taking the total debts owed to more than $1 million – and the brand's founder facing possible investigation for trading while insolvent.

    The brand has appeared on six of the past seven NSW Fair Trading Complaints Registers, with nearly 200 combined complaints and inquiries related to a failure to supply products, the quality of goods and refunds not being provided.

    So Fairfax Media made its own purchase of a $99.50 Shakuhachi dress on May 24, which had a specified delivery time of three to five days.

    Eighteen days later, nothing has been received and inquiries about the garment have gone unanswered.

    Shakuhachi's founder Jessica White is the former director of Shakuhachi Limited, which was placed under voluntary administration in May 2015.

    In March a Fairfax Media exclusive revealed Ms White was living in Bali, the home of the brand's only remaining bricks-and-mortar store.

    According to the liquidator's report, more than 80 creditors are owed in excess of $860,000, but Ms White maintains there are no liabilities attributed to her personally.

    Liquidator Andrew Spring told Fairfax Media in March that any insolvent trading claim against Ms White would be at least $476,397.

    http://www.smh.com.au/business/cons...econd-liquidation-begins-20170609-gwo580.html
     
  2. spicyayam

    spicyayam Active Member

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