In June 2020, the company raised $3.2m via online investing platform Snowball Effect, and a further $409,287 three years later.
Creditor proposal rejected
In a letter to creditors dated April 17, seen by the Herald, Little Island director Wade Gillooly said the company had been in a difficult financial position over the past five months.
“Given the difficult position we find ourselves in, we cannot continue without creditor support to resolve our arrears and we need to formally propose a creditor compromise on the outstanding balance owed to your business as at March 31, 2025,” Gillooly said.
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The letter also explained why Little Island was in financial trouble.
“Little Island has faced a significant…
