SYDNEY: The voluntary administration of upmarket denim brand Ksubi is well underway, with the first creditors meeting staged earlier this morning in Sydney.
Creditors of the company gathered at accounting firm Grant Thornton, which is handling the administration, to approve Paul Andrew Billingham and Said Jahani as administrators of Ksubi and its related companies.
Attendees were also asked to determine whether a committee of creditors should be appointed.
Companies under administration included Tsubi Pty Ltd, Tsubi (Retail) Pty Ltd, Ksubi Pty Ltd, Ksubi Holdings Pty Ltd, Ksubi Eye Australia Pty Ltd and Secret Handshake Pty Ltd.
Ksubi cofounders Dan Single and George Gorrow placed the businesses in administration earlier this month in a bid to "restructure the Tsubi Pty Ltd group of companies". Bleach Pty Ltd, owner of surf and skate apparel giant Insight, was the proposed restructuring partner according to administrators.
For more, pick up a copy of Ragtrader's January 29 issue.