A fashion label that stopped trading last month owes $ 2 million to hundreds of creditors, including a dissatisfied investor and dozens of furious customers.
Dubbed the 'Airbnb' of designer dresses, designerex, run by Sydney pair Kirsten Kore and Costa Koulis, was a platform that connected tenants of high-end clothing with lenders.
It was promoted as a worldwide success story after expansion to the American market – but last month Daily Mail Australia revealed that many lenders owed money on the site.
Last month the company collapsed and stopped action. The full size of his debts has been unveiled in a report to creditors by manager Liam Bailey, managing partner at O'Brien Palmer.
The report of 18 March showed that Designerex Group, which owns the intellectual property, and Designerex Services, which acts as a company, a combined $ 1.8 million is due to 737 creditors.
They include local app developer Pixelforce ($ 200,000 due), the Australian Taxation Office (more than $ 335,000 owed) and Australia Post ($ 33,600 due).
Mr Bailey said in the report that he was planning to “sell the activities of the companies or at least sell the assets of the company.”
The potential sale can be structured by means of a deed of company scheme (DOCA), he said.
Dubbed the 'Airbnb' of designer dresses, Designerex was run by Sydney -Paar Kirsten Kore and Costa Koulis
Dozens of owners of small companies that had borrowed clothes on the site were also owed thousands of dollars.
Brittany Courtney, 21, who runs the Brisbane Hire Business ABC Dress Hire, $ 4,000 owed.
“They just don't pay us,” Mrs. Courtney told Daily Mail Australia last month.
'I don't know if I will ever see this money. We just spend our services for free. The founders lead a life of luxury and they really don't care. '
Mrs. Kore and Mr. Koulis have insisted that a legal dispute with Pixelforce is the fault of the missing payments.
“The dispute with Pixelforce has influenced the Designerex and its users,” Mr. Koulis said last month.
'Pixelelforce had contacted Designerex to become their technology partner.
'The problem arose, after on-boarding of all our sensitive data with Pixelforce, when they advised the Designerex a few months later that they were planning to build a direct competitor to Designerex.
Brittany Courtney, 21, who runs the Brisbane Hire Business ABC Dress Hire, owes $ 4,000
'Designerex was also asked to increase its holder with Pixelforce, from $ 10,000 to $ 60,000 a month immediately and then to $ 120,000 monthly in 6 months, if it did not agree to build a competitor of Pixelforce, who could not do as a startup Designerex.
'The power on impact to Designerex has been extended. It disturbed his technology development and Pixelforce, after which, then designerex also received a long -term and precious legal dispute. '
Pixelforce CEO Hinney Lo denied that he once intended to build a competitor.
“We informed them in 2022 – out of respect and courtesy – that we had received a similar study about the development of a market for renting out clothing,” he said.
'This application never came into a project and from our establishment in 2013 to the present we have never developed a direct competitor to design Designerex.
'Moreover, Pixelforce has invested $ 200K in cash in Designerex under the same conditions as other investors.
'It is unreasonable to attribute the financial disruptions of Designerex to Pixelforce. On the contrary, it is in our interest for Designerex, such as all our startup clients, to succeed. '
Daily Mail Australia has contacted Mrs. Kore and Mr Koulis for more comments.
