A major Australian retail chain that was ordered into liquidation could have racked up a massive amount of debt — amounting to $58 million – as a court case launched by the company’s owner was recently thrown out.
News.com.au broke the news of Ally Fashion’s demise when it was ordered to be wound up by the Federal Court of Australia at the end of February due to insolvency, with liquidators moving quickly to shut down 51 stores and axe hundreds of jobs.
On Wednesday, the Supreme Court of NSW rejected a proposal to take back control of the company by Ally Fashion’s sole director, while an application for voluntary administrators to be appointed was also refused.
The fast fashion chain had 158 stores across Australia and an online…
