More than 100 creditors and event suppliers are owed $819,000 by the failed company behind the annual Perth Fashion Festival.
Administrators Hall Chadwick have been called in to assess the financial position of Perth Fashion Festival Pty Ltd which has has gone into voluntary administration after managing the festival for 20 years.
According to The West Australian, company directors Mariella Harvey-Hanrahan and Tony Sage plan to continue the company’s operations following an independent appraisal.
Fashion Council of WA took over the running of the festival this year, which was downsized after the loss of major sponsor Telstra which walked away after discovering the event was to be held at the Optus Stadium.
“As joint directors of the Perth Fashion Festival Pty Ltd, we have been trying to secure a repayment agreement with all PFF creditors for some time,” Harvey-Hanrahan and Sage said in a statement.
“Unfortunately, this has not been achievable as a small number of creditors were not prepared to enter into a payment agreement and funds that are owed to PFF by a major debtor have, as yet, not been received.”
Sentinel Corporate Advisory has been engaged to arrange payment of unpaid workers and suppliers.