More than $1 million of sunglasses stock is at the centre of a legal dispute between the administrator and a suppler.
More than $1 million worth of sunglasses are at the centre of a legal dispute in federal court following the administration of a local start-up – Soda Shades – co-founded by social media influencer andRestructuring experts KordaMentha were appointed in April to Soda and have now kicked off a sale process for the sunglasses retailer – but it is not without complexity.
Mr and Ms Miller founded Soda Shades in September 2017 with friends Luke Young and Georgie Saggers, all of whom were directors of the company at incorporation.Ms Miller promptly left the board in October 2017 to focus on KIC, but remained the face of the brand for some time. Mr Miller was a director until September 2021, according to documents filed with the corporate regulator.that Mr Miller had left Soda to be a stay-at-home dad.
“With the extensive growth plans for KIC this is what made sense for us as a family, and the Soda team were really supportive of our decision,” she said. These negotiations with Mr Matta continued through 2022, according to court documents, which also outlined that KordaMentha is seeking to legally clarify who owns 95,000 pairs of sunglasses that are in the control of Mr Matta.“Joshua Matta noted the business was not performing as anticipated and suggested the directors find a buyer for his investment which purportedly sat at approximately $2.25m,” said one ASIC document.
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