E3 Style Creditors Owed $6M Have Little Chance Of Getting Their Money Back
E3 Style creditors who were owed over $6M dollars, following the collapse of Brisbane based distributor E3 Style run by Vannessa Garrard, will have little chance of getting their money back if Garrard loses her case against The Crest Company claim insiders.
Garrard who has been accused of manipulation credentials and documents to boost her own profile has told creditors who signed a deed of release allowing Garrard to form a new Company called Source Hub, that she will pay them back “100% in the dollar back if she wins” this is despite the fact that dames in the case if she wins could be less than $2M.
The legal costs in the case including an additional legal fight with Adelaide based Powermove, is already running in the millions of dollars.
During the past week ChannelNews has spoken to several former employees of E3 Style.
What we have been able to establish is that several of these employees are “concerned” after we established that the Company engaged in “misinformation” including the fabrication of certificates that boosted Garrard’s profile.
Garrard who set up a new personal web site to boost her profile has been accused of lying about her achievements.
Executives from both The Crest Company and Powermove have refused to comment for this story.
The former CFO of E3 Style who was aware of what was happening in the Company is now working for a Teneriffe owned finance Company. A former graphic designer who worked directly with Garrard quit the Company after confronting her over her actions.
E3 Style and its related business KreativeDNA, designed and produced products for some of Australia’s biggest retailers including JB Hi Fi, Kmart, Target and Big W. Garrard claimed that the business turned over $30 million in the year before it collapsed.
E3 Style and it’s related business KreativeDNA, design and produce products for some of Australia’s biggest retailers including Kmart, Target and Big W, and claims to turn over around $30 million in revenue each year.