What went down at the first meeting of creditors for Kirrily Johnston?
Minutes from the first meeting of creditors, which took place on July 12, reveal the company will continue to trade in order to find a potential investor.
Johnston appointed administrators Farnsworth Shepard earlier this month after twelve years in the trade.
Administrator Adam Shepard revealed he is still waiting for updated financials on secured and unsecured creditor claims.
An initial list of trade creditors was provided at the meeting. Pick up a copy of Ragtrader's August edition to discover what key suppliers are owed.
Secured creditor Scottish Pacific, a debtor finance firm, has a charge against the company's receivables until its debt has been paid in full.
Johnston has two concept stores in Sydney, one in Melbourne and is sold in department store David Jones.
Johnston also sells to more than 70 boutiques nationally as well as having an online store.
It is understood a number of factors led to its collapse, including manufacturing issues, soaring rents, the high Australian dollar and tough conditions in the retail market.
Kirrily Johnston: Namesake label in voluntary admistration.
