The co-founder of luxury bridal house Pallas has bought back the business out of administration, preserving most of its 30 jobs.
Pallas creditors on Wednesday approved a deed of company arrangement floated by Joy Morris, the designer behind the business, saying it represented the best option for employees.
Under the deal, Ms Morris will pay $71,000 to recover the Pallas business and also reassume responsibility for workers accrued entitlements.
However, there will be no return for unsecured creditors owed more than $900,000.
Pallas Bride and Fashion called in administrators from Cor Cordis on November 20 after the Australian Taxation Office applied to wind it up over an unpaid debt.
The business has remained opened during the administration, …