Australian-born streetwear brand GeedUp has been placed into liquidation following a court order.
The Australia Taxation Office had issued a winding up order against GeedUp – formally known as Expialidocious Investments Pty Ltd and Expialidocious Investments Holdings Pty Ltd – with the Federal Court of New South Wales approving the order.
Robert Woods of Deloitte has been appointed as liquidator.
GeedUp was founded in 2010 by Jake ‘Paco’ Catley, which grew into a sizeable business selling clothes locally and globally. The brand reached $20 million in annual revenue in 2023.
A report by the Daily Telegraph indicated that preliminary investigations by the ATO uncovered an alleged tax debt of $2.2 million, alongside a total $16.5 million in debts to creditors, which led to the brand’s eventual liquidation.
In a video posted to Instagram two weeks ago, Catley claimed that “most of if not all” of the alleged debts were related to $6.5 million that Catley claimed he was defrauded of two years ago.
GeedUp's website appears to still be selling despite the liquidation process. Ragtrader has reached out Deloitte for updates.