Add Category
In the 70-page report, 45 pages were dedicated to listing the names of thousands of “known creditors” and their claims. While the majority were made by customers, former employees were also on the list – some with claims of $10,000 or more – as well as former business suppliers and partners, such as Salesforce and AssemblyNow.
Banks ANZ and NAB made claims of $34,891 and $1.5 million respectively, while the Australian Taxation Office is claiming more than $500,000.
Fenton & Fenton was a popular homewares and furniture business in Melbourne that had two showrooms.
Other organisations that have made claims include BMW Car Finance ($106,626.23) and Fenton & Fenton founder Lucy Fenton’s husband Josh Markey, who was an employee in the business ($21,559).
The total value of outstanding gift cards came to $389,082.02, but gift cards are least likely to be refunded in the liquidation process.
Several customers wrote to this masthead complaining of feeling “duped” after Fenton & Fenton held sales in the weeks before the business officially collapsed.
ASIC documents reveal director Lucy Fenton and business associates held an initial discussion with EY representatives on July 14 about the company’s financial position. They met five more times that month to talk about cash flow forecasts and options available to the company.
On July 31, a meeting was held to discuss the appointment of administrators or liquidators. EY liquidators were appointed on August 2.
The Business Briefing newsletter delivers major stories, exclusive coverage and expert opinion. Sign up to get it every weekday morning.