A popular fashion brand whose founder called in administrators after a year of financial struggles, owes money to lenders, staff, suppliers and the tax office, new documents lodged with ASIC have revealed.
Gold Coast-based Proud Poppy, which offers sizes 6-30, ships worldwide and has more than 200,000 followers on Instagram and 150,000 followers on Facebook, went into voluntary administration on August 5.
A report on the company lodged with ASIC by director Tara McKeon said Proud Poppy owed money to staff, lenders and more than 100 suppliers, including one owed around $576,000.
According to the report, signed by Ms McKeon, Proud Poppy owes outstanding tax and superannuation, has loans to four finance companies and a credit card.
Ms McKeon and Paul McKeon are also listed as having loaned money to the company.
The value of Proud Poppy’s assets, and the amounts it owes to each creditor, have been redacted from the publicly-available report and marked “withheld”.
The administrators said the amounts were redacted to avoid prejudicing the sale of the business.
“In particular, revealing the extent of the company’s financial difficulties and amounts owing could have resulted in opportunistic or below-market offers, which may have…