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BREAKING NEWS:Lifestyle Store Placed Into Administration

It’s official the Lifestyle Store has been placed into voluntary administration with debts believed to be in the millions.

At 3.05pm yesterday, the liquidator of Theatre At Home, and ROQO Pty Ltd moved to place the Lifestyle Store into liquidation.

A few minutes later the CEO of both the Lifestyle store and Theatre At Home moved to counter the move by placing the business into voluntary administration with the appointment of Mark Robinson from Fort Restructuring Pty Ltd and Kenneth Whittingham.

Vinod Christie Left with fellow executive John Kranatis

ChannelNews understands that the CEO of the business Vinod David who has spent weeks telling anyone who would listen that the legal documents that he signed, that resulted in the stock from the Lifestyle Store being seized by ROQO Pty Ltd, were not legal and binding.

This led to the Lifestyle Store, which owes millions in payments for stock and took over a million dollars in deposits from consumers who have not been provided with goods, shutting up shop with the landlord of the Parramatta North based business putting a notice on the door for unpaid rent.

Solicitors acting for the administrator of both Theatre At Home and ROQO believe that the document which could result in further legal action were “perfectly legal” which is why they acted in placing both Theatre.

ChannelNews understands that Vinod David is claiming that he was not aware of the implications following the signing of the document would have on the Lifestyle Store.

We have also been told that a meeting is taking place between the administrator of the business that is believed to have been selected by Vinod David and his solicitor later today.

More to follow.

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