However, the administrator’s report paints a different story. Everledger Australia has amassed losses close to $AU10 million since 2018. It states: “The director has advised that the failure of an investor to complete an agreement to provide new working capital to Foreverhold Limited was the reason of the failure of the company.” » Read more: Uncovering the financial truth with Everledger Kemp is also a director of Foreverhold.Īccording to documents lodged by UK liquidator John Noon with Companies House in the UK, Foreverhold owes creditors £7.4 million ($AU14.1 million) including more than £320,000 ($AU597,000) to HM Revenues and Customs.ĭocuments filed with ASIC reveal that Kemp attributes the collapse of her company solely to decisions made by other people. “The financial results and subsequent collapse suggest a misguided business model a ‘solution looking for a problem’.”Īccording to the Administrator’s report filed with the Australian Securities and Investments Commission (ASIC), Everledger owes the Australian Tax Office $AU368,000 and a further $AU9 million to Foreverhold Limited, its parent company.Įverledger Australia is wholly owned by UK-based Foreverhold Limited, a company that is in the process of being liquidated. “From our discussions with the director and her legal advisors, it appears likely that the anticipated DOCA proposal will provide creditors with a better financial return than a liquidation scenario.” Staatz confirmed that he had discussions with Kemp and her lawyers about a Deed of Company Arrangement proposal. The company was placed under voluntary administration on 24 April by Steven Staatz and Ashley Leslie from Vincents Chartered Accountants. ![]() Initial investors in the start-up had withdrawn financial support which raised questions about the validity of Everledger’s business model and the confidence backers had in the company’s management. In May, it was confirmed that Everledger, led by CEO Leanne Kemp, had entered voluntary administration after failing to secure a second round of funding. The future of Everledger, the Brisbane-based technology company with strong ties to the jewellery industry, remains up in the air after a second creditors meeting was postponed to 28 June.
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