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The Advertiser
03-07-2025
- Business
- The Advertiser
Sage Painting liquidated with $2m debt, but owner keeps trading after restructure
FIFTH-generation painter Sean Hersee's well-known Hunter business, Sage Painting, has been placed in liquidation with debts of more than $2 million, but Mr Hersee will continue trading under a new company known as Sage Painting Port Stephens after a business restructuring. Sage Painting ceased trading in March, and Queensland-based Matthew Bookless of SV Partners is overseeing the liquidation. Mr Hersee was the sole director of the residential and commercial painting and epoxy flooring business, which operated from leased premises in Taylors Beach, Port Stephens. He told the Newcastle Herald this week that several external factors led to a decision to restructure the business initially before it was ultimately placed in liquidation. These included "builders going into administration, prolonged bad weather, a downturn in the construction industry and not fully recovering from the effects of Covid". Mr Hersee said while the process was incomplete, "all staff entitlements and suppliers are getting paid". "Additionally, expanding the business into extra services placed a heavy strain on our core business, which had been successful for 12 years prior," he said. "Once we realised recovery would be difficult, and fulfilling my director's duties, we sought professional advice. "With the help of a restructuring practitioner, we have legally downsized the business to ensure sustainability and quality. We have chosen to refocus on our core strengths: residential and commercial painting." According to a statutory report filed with the Australian Securities and Investments Commission (ASIC) by the liquidator, another company run by Mr Hersee, known as Sage Painting Port Stephens, purchased Sage Painting's business, intellectual property, plant and equipment before it was placed in liquidation. "The sale proceeds were paid to the company's bank account prior to my appointment," the liquidator's report reads. "I will conduct an assessment of the commerciality of this sale. Should the sale be considered uncommercial, I will recover a sufficient further amount from the purchaser or seek to void the transaction." According to the liquidator's report, Sage Painting owes $2.1 million, including $1.9 million to unsecured creditors, of which $1.186 million is owed to the Australian Taxation Office (ATO). It's estimated that employees are owed about $136,000 in superannuation and annual leave. The company had three bank accounts with ANZ, but no money was in them when the liquidator was appointed. About two years before the company was placed in liquidation, a restructuring expert was engaged to assess the business. An agreement was made to sell Sage Painting's assets to Sage Painting Port Stephens. According to a March 2023 report by the restructuring practitioner, Mr Hersee sold a property and paid $200,000 to Sage Painting, which had almost $1 million in debts. The $200,000 covered the restructuring practitioner's fee of almost $20,000, and the rest was split between creditors, which resulted in a return of about 18 cents on the dollar. "The business ceased trading on 4 March 2025 and was sold to a related party, Sage Painting Port Stephens Pty Ltd," the liquidator's report reads. "My investigations in the liquidation will focus on assessing the sale to ensure it was commercial. The company's director, Sean Hersee, advised me the reason for the company's failure was due to insufficient cash flow, poor scaling of the business and external market pressures. I will conduct independent investigations into the cause of the company's insolvency." Mr Hersee said since the restructuring, the business was in a strong position and delivering "outstanding work to our customers". "As a father, my focus is to set an example for my children - that challenges in life and business are inevitable, but it's how you respond, learn, and rebuild that defines your path forward," he said. FIFTH-generation painter Sean Hersee's well-known Hunter business, Sage Painting, has been placed in liquidation with debts of more than $2 million, but Mr Hersee will continue trading under a new company known as Sage Painting Port Stephens after a business restructuring. Sage Painting ceased trading in March, and Queensland-based Matthew Bookless of SV Partners is overseeing the liquidation. Mr Hersee was the sole director of the residential and commercial painting and epoxy flooring business, which operated from leased premises in Taylors Beach, Port Stephens. He told the Newcastle Herald this week that several external factors led to a decision to restructure the business initially before it was ultimately placed in liquidation. These included "builders going into administration, prolonged bad weather, a downturn in the construction industry and not fully recovering from the effects of Covid". Mr Hersee said while the process was incomplete, "all staff entitlements and suppliers are getting paid". "Additionally, expanding the business into extra services placed a heavy strain on our core business, which had been successful for 12 years prior," he said. "Once we realised recovery would be difficult, and fulfilling my director's duties, we sought professional advice. "With the help of a restructuring practitioner, we have legally downsized the business to ensure sustainability and quality. We have chosen to refocus on our core strengths: residential and commercial painting." According to a statutory report filed with the Australian Securities and Investments Commission (ASIC) by the liquidator, another company run by Mr Hersee, known as Sage Painting Port Stephens, purchased Sage Painting's business, intellectual property, plant and equipment before it was placed in liquidation. "The sale proceeds were paid to the company's bank account prior to my appointment," the liquidator's report reads. "I will conduct an assessment of the commerciality of this sale. Should the sale be considered uncommercial, I will recover a sufficient further amount from the purchaser or seek to void the transaction." According to the liquidator's report, Sage Painting owes $2.1 million, including $1.9 million to unsecured creditors, of which $1.186 million is owed to the Australian Taxation Office (ATO). It's estimated that employees are owed about $136,000 in superannuation and annual leave. The company had three bank accounts with ANZ, but no money was in them when the liquidator was appointed. About two years before the company was placed in liquidation, a restructuring expert was engaged to assess the business. An agreement was made to sell Sage Painting's assets to Sage Painting Port Stephens. According to a March 2023 report by the restructuring practitioner, Mr Hersee sold a property and paid $200,000 to Sage Painting, which had almost $1 million in debts. The $200,000 covered the restructuring practitioner's fee of almost $20,000, and the rest was split between creditors, which resulted in a return of about 18 cents on the dollar. "The business ceased trading on 4 March 2025 and was sold to a related party, Sage Painting Port Stephens Pty Ltd," the liquidator's report reads. "My investigations in the liquidation will focus on assessing the sale to ensure it was commercial. The company's director, Sean Hersee, advised me the reason for the company's failure was due to insufficient cash flow, poor scaling of the business and external market pressures. I will conduct independent investigations into the cause of the company's insolvency." Mr Hersee said since the restructuring, the business was in a strong position and delivering "outstanding work to our customers". "As a father, my focus is to set an example for my children - that challenges in life and business are inevitable, but it's how you respond, learn, and rebuild that defines your path forward," he said. FIFTH-generation painter Sean Hersee's well-known Hunter business, Sage Painting, has been placed in liquidation with debts of more than $2 million, but Mr Hersee will continue trading under a new company known as Sage Painting Port Stephens after a business restructuring. Sage Painting ceased trading in March, and Queensland-based Matthew Bookless of SV Partners is overseeing the liquidation. Mr Hersee was the sole director of the residential and commercial painting and epoxy flooring business, which operated from leased premises in Taylors Beach, Port Stephens. He told the Newcastle Herald this week that several external factors led to a decision to restructure the business initially before it was ultimately placed in liquidation. These included "builders going into administration, prolonged bad weather, a downturn in the construction industry and not fully recovering from the effects of Covid". Mr Hersee said while the process was incomplete, "all staff entitlements and suppliers are getting paid". "Additionally, expanding the business into extra services placed a heavy strain on our core business, which had been successful for 12 years prior," he said. "Once we realised recovery would be difficult, and fulfilling my director's duties, we sought professional advice. "With the help of a restructuring practitioner, we have legally downsized the business to ensure sustainability and quality. We have chosen to refocus on our core strengths: residential and commercial painting." According to a statutory report filed with the Australian Securities and Investments Commission (ASIC) by the liquidator, another company run by Mr Hersee, known as Sage Painting Port Stephens, purchased Sage Painting's business, intellectual property, plant and equipment before it was placed in liquidation. "The sale proceeds were paid to the company's bank account prior to my appointment," the liquidator's report reads. "I will conduct an assessment of the commerciality of this sale. Should the sale be considered uncommercial, I will recover a sufficient further amount from the purchaser or seek to void the transaction." According to the liquidator's report, Sage Painting owes $2.1 million, including $1.9 million to unsecured creditors, of which $1.186 million is owed to the Australian Taxation Office (ATO). It's estimated that employees are owed about $136,000 in superannuation and annual leave. The company had three bank accounts with ANZ, but no money was in them when the liquidator was appointed. About two years before the company was placed in liquidation, a restructuring expert was engaged to assess the business. An agreement was made to sell Sage Painting's assets to Sage Painting Port Stephens. According to a March 2023 report by the restructuring practitioner, Mr Hersee sold a property and paid $200,000 to Sage Painting, which had almost $1 million in debts. The $200,000 covered the restructuring practitioner's fee of almost $20,000, and the rest was split between creditors, which resulted in a return of about 18 cents on the dollar. "The business ceased trading on 4 March 2025 and was sold to a related party, Sage Painting Port Stephens Pty Ltd," the liquidator's report reads. "My investigations in the liquidation will focus on assessing the sale to ensure it was commercial. The company's director, Sean Hersee, advised me the reason for the company's failure was due to insufficient cash flow, poor scaling of the business and external market pressures. I will conduct independent investigations into the cause of the company's insolvency." Mr Hersee said since the restructuring, the business was in a strong position and delivering "outstanding work to our customers". "As a father, my focus is to set an example for my children - that challenges in life and business are inevitable, but it's how you respond, learn, and rebuild that defines your path forward," he said. FIFTH-generation painter Sean Hersee's well-known Hunter business, Sage Painting, has been placed in liquidation with debts of more than $2 million, but Mr Hersee will continue trading under a new company known as Sage Painting Port Stephens after a business restructuring. Sage Painting ceased trading in March, and Queensland-based Matthew Bookless of SV Partners is overseeing the liquidation. Mr Hersee was the sole director of the residential and commercial painting and epoxy flooring business, which operated from leased premises in Taylors Beach, Port Stephens. He told the Newcastle Herald this week that several external factors led to a decision to restructure the business initially before it was ultimately placed in liquidation. These included "builders going into administration, prolonged bad weather, a downturn in the construction industry and not fully recovering from the effects of Covid". Mr Hersee said while the process was incomplete, "all staff entitlements and suppliers are getting paid". "Additionally, expanding the business into extra services placed a heavy strain on our core business, which had been successful for 12 years prior," he said. "Once we realised recovery would be difficult, and fulfilling my director's duties, we sought professional advice. "With the help of a restructuring practitioner, we have legally downsized the business to ensure sustainability and quality. We have chosen to refocus on our core strengths: residential and commercial painting." According to a statutory report filed with the Australian Securities and Investments Commission (ASIC) by the liquidator, another company run by Mr Hersee, known as Sage Painting Port Stephens, purchased Sage Painting's business, intellectual property, plant and equipment before it was placed in liquidation. "The sale proceeds were paid to the company's bank account prior to my appointment," the liquidator's report reads. "I will conduct an assessment of the commerciality of this sale. Should the sale be considered uncommercial, I will recover a sufficient further amount from the purchaser or seek to void the transaction." According to the liquidator's report, Sage Painting owes $2.1 million, including $1.9 million to unsecured creditors, of which $1.186 million is owed to the Australian Taxation Office (ATO). It's estimated that employees are owed about $136,000 in superannuation and annual leave. The company had three bank accounts with ANZ, but no money was in them when the liquidator was appointed. About two years before the company was placed in liquidation, a restructuring expert was engaged to assess the business. An agreement was made to sell Sage Painting's assets to Sage Painting Port Stephens. According to a March 2023 report by the restructuring practitioner, Mr Hersee sold a property and paid $200,000 to Sage Painting, which had almost $1 million in debts. The $200,000 covered the restructuring practitioner's fee of almost $20,000, and the rest was split between creditors, which resulted in a return of about 18 cents on the dollar. "The business ceased trading on 4 March 2025 and was sold to a related party, Sage Painting Port Stephens Pty Ltd," the liquidator's report reads. "My investigations in the liquidation will focus on assessing the sale to ensure it was commercial. The company's director, Sean Hersee, advised me the reason for the company's failure was due to insufficient cash flow, poor scaling of the business and external market pressures. I will conduct independent investigations into the cause of the company's insolvency." Mr Hersee said since the restructuring, the business was in a strong position and delivering "outstanding work to our customers". "As a father, my focus is to set an example for my children - that challenges in life and business are inevitable, but it's how you respond, learn, and rebuild that defines your path forward," he said.
9 News
21-05-2025
- Business
- 9 News
Aussie activewear brand collapses after more than ten years
Your web browser is no longer supported. To improve your experience update it here An Australian activewear company has collapsed and is up for sale after more than ten years in business. Exoticathletica, a Queensland Sunshine Coast firm which sells colourful gear for women, had administrators appointed last month. SV Partners is now looking for a buyer for the "much-loved" brand, which was launched in 2014. Exoticathletica active wear. (Instagram/Exoticathletica) "In recent years, Exotic Athletica has faced significant challenges, such as changes in senior management and increased operational expenses," SV Partners said in a statement. "However, these hurdles also present opportunities for growth and innovation, paving the way for a stronger and more resilient organisation. "These factors contributed to the decision to enter voluntary administration, with the objective of identifying a buyer to continue the much-loved brand." The company is still trading. Offers on the website show 70 per cent discounts. "Founder Leilani Chandler became inspired by Brazil's fitness fashion culture, their celebration of feminine curves and bold designs that encourage women to express themselves," the company says online. Chandler once told media she had earned $7 million in sales from one model of $49.99 top. According to reports, 140,000 customers bought the bra top online between April 2020 and April 2021. The brand once had a shop on the Sunshine Coast. 9News has contacted the company for comment. finance queensland Australia national business CONTACT US Auto news: Can you use your phone in the car if it is mounted?
Yahoo
21-05-2025
- Business
- Yahoo
Popular activewear brand goes bust
A popular Australian women's activewear company has gone bust, owing $13m to creditors. Founded in 2014 by Leilani Chandler in Noosa, Exoticathletica is best known for its size-inclusive, vibrant and bright activewear and quickly became a popular choice for women across the country. However, the brand filed for voluntary administration on April 9, turning to insolvency firm SV Partners Terry van der Velde and Matthew Hudson to search for potential buyers while they comb through the financial debris. Commonwealth Bank – the secured creditor for the business – is owed $6.7m, while the brand owes unsecured creditors more than $6.2m. This includes $211,000 to manufacturers Active Apparel Group, $311,000 to Andorra Australia, $447,000 to Dongguan Huachen Sporting Goods Co and $416,000 to D and J International. The sporting brand also owes over $550,000 to e-commerce giant Shopify, $224,000 to American Express, $53,00 to PayPal , $136,00 to Invenco and $114,00 to Thread Collective Co. Customers have suffered a loss of $172,000, and the Noosa-based business owes $800,000 to the Australian Taxation Office (ATO). Employees have also been left $416,447 out of pockets, with $37,733 in unpaid superannuation. Minutes from the first meeting with creditors on April 23 said the business would continue trading to 'maximise the funds recovered from the sale of stock'. 'The administrators also intend to list the business for sale shortly,' the minutes read. 'After the business is listed for sale, the financial position of the company and the anticipated return to creditors will be more certain.' While the company's total assets are yet to be advised, the administrators estimate its stock to be valued at $2.5m. 'We have continued to trade the business to preserve its value, with the aim of maximising the return to creditor,' Mr Hudson said per Courier-Mail. 'This strategy has allowed the business to remain operational, thereby maintaining its goodwill, customer relationships and employee engagements. 'By trading the business, we have sought to facilitate a sale of the business as a going concern.' Exoticathletica was founded by Ms Chandler in 2014 and was inspired by 'Brazil's fitness fashion culture, their celebration of feminine curves and bold designs that encourage women to express themselves'. The brand is best known for its inclusive designs which aims to 'help women enhance and accentuate their bodies and unapologetically celebrate their uniqueness'. Between April 2020 and April 2021, the brand found success selling a wire-free crop top, with more than 140,000 customers purchasing the $49.99 activewear. A second meeting with creditors is expected to take place next week. Error while retrieving data Sign in to access your portfolio Error while retrieving data
News.com.au
21-05-2025
- Business
- News.com.au
Popular Australian women's activewear brand goes bust, owing millions to creditors
A popular Australian women's activewear company has gone bust, owing $13m to creditors. Founded in 2014 by Leilani Chandler in Noosa, Exoticathletica is best known for its size-inclusive, vibrant and bright activewear and quickly became a popular choice for women across the country. However, the brand filed for voluntary administration on April 9, turning to insolvency firm SV Partners Terry van der Velde and Matthew Hudson to search for potential buyers while they comb through the financial debris. Commonwealth Bank – the secured creditor for the business – is owed $6.7m, while the brand owes unsecured creditors more than $6.2m. This includes $211,000 to manufacturers Active Apparel Group, $311,000 to Andorra Australia, $447,000 to Dongguan Huachen Sporting Goods Co and $416,000 to D and J International. The sporting brand also owes over $550,000 to e-commerce giant Shopify, $224,000 to American Express, $53,00 to PayPal , $136,00 to Invenco and $114,00 to Thread Collective Co. Customers have suffered a loss of $172,000, and the Noosa-based business owes $800,000 to the Australian Taxation Office (ATO). Employees have also been left $416,447 out of pockets, with $37,733 in unpaid superannuation. Minutes from the first meeting with creditors on April 23 said the business would continue trading to 'maximise the funds recovered from the sale of stock'. 'The administrators also intend to list the business for sale shortly,' the minutes read. 'After the business is listed for sale, the financial position of the company and the anticipated return to creditors will be more certain.' While the company's total assets are yet to be advised, the administrators estimate its stock to be valued at $2.5m. 'We have continued to trade the business to preserve its value, with the aim of maximising the return to creditor,' Mr Hudson said per Courier-Mail. 'This strategy has allowed the business to remain operational, thereby maintaining its goodwill, customer relationships and employee engagements. 'By trading the business, we have sought to facilitate a sale of the business as a going concern.' Exoticathletica was founded by Ms Chandler in 2014 and was inspired by 'Brazil's fitness fashion culture, their celebration of feminine curves and bold designs that encourage women to express themselves'. The brand is best known for its inclusive designs which aims to 'help women enhance and accentuate their bodies and unapologetically celebrate their uniqueness'. Between April 2020 and April 2021, the brand found success selling a wire-free crop top, with more than 140,000 customers purchasing the $49.99 activewear. A second meeting with creditors is expected to take place next week.
