Seafolly's ownership structure has been cited as a factor behind its collapse, with a former partner alleging it "never found its feet."
The swimwear retailer appointed KordaMentha as voluntary administrator this week.
In 2014, LVMH-backed L Catterton acquired a majority stake in the business from the Halas family.
In a LinkedIn post, Tory Archbold confirmed she had previously worked with the brand on its PR strategy.
"Seafolly has always been close to my heart," she wrote.
"I partnered with the Halas family for many years when it was a local brand as a team we took it global."
Archbold, founder of PR agency Torstar, said during this time it became a leading swimwear destination.
"In its heyday, it was an industry gamechanger with a passionate team powering its success.
"It never found its feet with the new ownership as so many changes were pivotal to its success - the team who understood the customer and marketing cycle - were let go.
"I trust the administrators find a way back to its former glory days as it is a brand much loved around the world."
KordaMentha has cited COVID-19 as the key cause behind its collapse, but cited optimism in a sale of business.