SCGSIA Holdings, formerly known as Ginger & Smart, was placed into liquidation after its sale to new owners.
Founders Alexandra and Genevieve Smart did not personally comment on the liquidation when contacted by ragtrader.com.au.
Instead, ragtrader.com.au was referred to liquidators Newpoint Advisory.
Newpoint Advisory confirmed that at present, it appears trade suppliers are owed $220,000 and all employees were paid in full as part of the sale process.
According to a summary of liabilities at 1/10/2019, there were $753,235 in unsecured creditors.
Company creditors included the Australian Taxation Office ($234,531), Long Fair Silk Limited in Kilung ($58,540) and Wall Fabrics in Alexandria ($28,000).
ragtrader.com.au was alerted to the liquidation by several suppliers and creditors.
According to Newpoint Advisory, creditors will be provided with a report on their investigations in due course, including the likelihood of creditors receiving a dividend.
The business was sold on 17 July 2019, prior to the commencement of the liquidation.