A popular women’s activewear business that is headquartered in Noosa has entered voluntary administration, with creditors claiming they are owed more than $640,000.
Exotic Athletica Pty Ltd appointed administrators on April 9, a notice with the Australian Securities and Investments Commission states.
The company operates the fashion label Exoticathletica, which according to its website was founded in 2014 by Leilani Chandler. It briefly had an outlet at Sunshine Plaza that opened in 2019.
The administrators are Terry van der Velde and Matthew Hudson from SV Partners.
A first meeting of creditors was held on April 23, with the minutes from the meeting stating four creditors had claims totalling $647,454.
“The appointment was due to the company being unable to pay all of its due and payable debts,” the minutes state.
“In addition, the company was not able to obtain ongoing funding to trade.
“The administrators are trading the company to maximise the funds recovered from the sale of stock.
“The administrators also intend to list the business for sale shortly. After the business is listed for sale, the financial position of the company and the anticipated return to creditors will be more certain.
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“A further report to creditors will be issued in mid/late May 2025, which will provide a detailed overview of the financial position of the company, the trading position and outline the options available to the company.
“This report will also set a date for the second meeting of creditors, at which time creditors will determine the future of the company.”
The four creditors listed are Dongguan Huachen Sporting Goods Co Ltd, which is claiming $448,696.32; Invenco Pty Ltd, which is claiming $136,553.52; D.C. and K.M. Whitson, who are claiming $58,394.73; and Wilson Ryan Grose Lawyers, which is claiming $3809.43.
Jason Cronan from SV Partners, who presided over the meeting, advised that the creditors and amounts owed were subject to change.
ASIC documents state Exotic Athletica Pty Ltd was referred to SV Partners by finance brokerage business Dark Horse Financial.
The ASIC details for Exotic Athletica Pty Ltd list the principal place of business as Rene Street, Noosaville.
Sunshine Coast News approached Ms Chandler for comment but did not receive a response.
