Court action bought against Belinda International by its former chief executive has been settled in silence.
Former Ralph Lauren boss Gordon Devin, who was chief executive of the luxury boutique for four years and a major creditor in its recent administration, issued action in the NSW Supreme Court late last year.
Devin sought to overturn a Deed Of Company Arrangement (DOCA) which would see the company return to its founder Belinda Seper. While Seper’s lawyers attempted to quash the action, Devin, who was owed $284, 740, was given the clear to have his day in court.
As first reported in Ragtrader last year, Devin was recruited by investment company AR Management to help acquire Belinda International during its administration. AR Management is the owner of Efinity Group, which owns Belinda International archrival MyCatwalk.com.
Belinda International has continued to trade under the terms of the DOCA, while NSW Supreme Court listings indicate no update on the case since it was lodged late last year. When contacted by Ragtrader, AR Management chief investment John Shin said the case had been settled. Shin declined to disclose details of the terms and Seper did not respond to Ragtrader’s queries at time of press.
“The terms were confidential as part of the settlement,” Shin said.
