Byron Bay baby carrier company Hug-a-Bub goes into voluntary administration
16 June 2016
Administrators are trying to work out what caused the financial collapse of a NSW north coast baby carrier company.
The directors of Hug-a-Bub Australia Pty Ltd, based at Byron Bay, put the company into voluntary administration on Monday.
Founded 15 years ago by two mums, the company made organic baby carriers, wraps and slings.
Administrator Brendan Nixon from Stanley Morgan Accountants said there are about 20 creditors to be paid at this stage, but more could come forward.
Mr Nixon said it is unclear why the company went bust and he hoped a buyer would be found for the company.
“Our investigations have only just started to commence so one of the issues that we will be investigating is the causes of the companies insolvency and we will be providing commentary on that in our second report to creditors which we will be issued in a few weeks’ time,” he said.
He said the company had to cease trading after his appointment so he could conduct a stocktake, assess existing orders and make investigations in relation to other assets of the company.
“I’m hoping that this is just a temporary cessation of trade and that within the next few weeks a buyer will be found for the company’s business assets, which hopefully would see the … company’s operations in someone else’s hands being able to resume,” Mr Nixon said.
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