Administrators for the collapsed Lisa Ho business have revealed the next twist in the story, as they continue to sort through the company's affairs.
As previously reported on ragtrader,com.au, the eponymous business of designer Lisa Ho was placed into administration in May, despite having voiced her intention to list on the National Stock Exchange of Australia (NSX) just one month prior.
Chartered accounting, consultancy and insolvency firm HLB Mann Judd has since been appointed to sort through the brand's affairs and clinch a sale of the Lisa Ho business, which, according to administrator Todd Andrew Gammel, could now be less than one week away.
Speaking exclusively to ragtrader.com.au, Gammel revealed that administrators have filtered a number of interested buyers – in the “double-digits” – down to a final short list.
Following a second creditors' meeting recently, any future proceedings have also been adjourned for 20 days to “allow administrators to either finalise a sale or have the director propose a Deed of Company Arrangement (DOCA)”.
“We are in the final stages of assessing interested parties and we expect the future of the business and any sale or DOCA to be completed by the end of next week,” Gammel said.
At the time of its collapse, the Lisa Ho business included 10 flagship stores across Australia, two clearance stores, an online store and David Jones concessions.
For more exclusive content on the Lisa Ho administration, pick up a copy of the Ragtrader July print edition, out June 28.