Designer womenswear label Woodford & Co has had a chaotic descent into liquidation, with liquidators racing to secure funds from retail debtors in order to satisfy creditor demands.
The Sydney-based brand quietly entered administration earlier this year, staging its first meeting of creditors on January 30. Minutes from the meeting shed little light on the circumstances behind its collapse, however Westpac Banking firm was noted as an unsecured creditor to the firm. While Cor Cordis Chartered Accountants’ Jason Tang, who was appointed to handle the company’s affairs, did not reveal the figure owed at the meeting, two suppliers lodged claims of $213,128 on the register.
When contacted by Ragtrader late last month, Tang said the company had reached the final stages of liquidation and that he had “essentially” sold all of the brand’s assets. However, he was reluctant to comment due to fears media coverage could damage the brand’s reputation and impact payments from retail debtors.
“The company is owed a lot of money from its debtors and we are trying to recover these and achieve a good outcome for all, including the suppliers.”
Tang declined to comment further when contacted again by Ragtrader. Woodford & Co public relations representative Hayley Bonham, from Bonel PR, could not reach the brand owner by time of press. Bonham also said the case was sensitive due to outstanding payments from three major international retail accounts, with liquidators hoping to secure monies within 14 days of Ragtrader’s calls.
Woodford & Co was founded and designed by Sheree Commerford, taking its name and inspiration from Commerford’s island hometown in northern New South Wales.
Woodford & Co: Shutters.
