That’s the official word from liquidators of iconic designer label Tim O’Connor, the latest fashion brand to fall victim to tough trading conditions. Tim O’Connor Retail was placed into liquidation last month, following a series of meetings with insolvency specialist Jirsch Sutherland from January 2012.
Creditors documents obtained by Ragtrader reveal the brand was first referred to Jirsch Sutherland in January, when its financial position and insolvency options were discussed. Further meetings took place in July, before the company was placed into liquidation on August 1, and a further meeting of creditors on August 14.
While minutes from the meeting were unavailable at the time of press, Jirsch Sutherland senior Renee Burton told Ragtrader there were no secured creditors of the company.
“The reasons for the liquidation were due to not being able to meet costs associated with running the business, it just was not making any profit,” she said.
Burton also confirmed the company owed $217,671 to unsecured creditors at the time of press. These included the Australian Taxation Office ($20,008), Kasir Holdings ($27,165), Wayl ($21,892), Jones Lang Lasalle Queensland ($45,560), Jones Lang Lasalle ($27,800), Paul Misan ($63,588) and Internode ($7578).
Tim O’Connor womenswear was launched in 1995 and quickly garnered a reputation for its modern classics. Its flagship store opened in Woollhara (Sydney) in 2002, before a second store opening at the Marina Mirage complex in Queensland. Tim O’Connor dressed countless celebrities including Miranda Otto, Kristin Davis, Delta Goodrem and Charlotte Dawson.
The brand’s autumn/winter 2012 collection was one of its strongest in recent times, entitled ‘Into the Wild’ and comprising of structured silhouettes and inky prints inspired by Alaskan rainforests.
Tim O’Connor is the latest designer stalwart to hit troubled waters, following administrations of Bettina Liano, Little Joe, Belinda International and Baubridge & Kay.
