A Melbourne health company that planned to list on the Australian stock exchange and expand into China with the help of former Liberal trade minister Andrew Robb has collapsed owing more than $11 million to creditors.
A preliminary investigation into the collapse of Global Brands Australia, which was placed into administration on February 16, has identified “potential movement of assets and fraudulent business activity statements lodged prior to the appointment”, according to a report by the administrator Chan and Naylor.
The Commonwealth Bank of Australia is the largest secured creditor to the company, with a debt of more than $3 million, while 80 unsecured creditors are owed almost $8 million by GBA, which owns the weight-loss supplement program Celebrity Slim.
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