The liquidators claimed their probe revealed “very substantial
intercompany transfers of monies and other assets and the misuse of
Living The Link’s funds”.
Court documents state that Living The Link transferred inventory of about $1.29 million and fixed assets of about $360,000 to The Link Boutique, and inventory of about $1.34 million – all in book value – to alldressedup.
According to the documents, Living The Link also made cash payments of $3.93 million to The Link Boutique and $270,000 to alldressedup.
The plaintiffs added that Living The Link transferred to The Link Boutique a 20 per cent stake it held in a company called Graha Lifestyle. The plaintiffs said that as sole director of Living The Link, Mrs Tan-Leo had a legal duty to act in its interests and avoid conflicts of interest.
By the fourth quarter of 2008, when Living The Link was insolvent or potentially so, she owed these duties to its creditors.
They alleged that she “procured” the transfers without providing consideration and without obtaining proper valuations. These were not deals conducted at “arms length”, in which both sides acted independently.
Court documents state that Living The Link transferred inventory of about $1.29 million and fixed assets of about $360,000 to The Link Boutique, and inventory of about $1.34 million – all in book value – to alldressedup.
According to the documents, Living The Link also made cash payments of $3.93 million to The Link Boutique and $270,000 to alldressedup.
The plaintiffs added that Living The Link transferred to The Link Boutique a 20 per cent stake it held in a company called Graha Lifestyle. The plaintiffs said that as sole director of Living The Link, Mrs Tan-Leo had a legal duty to act in its interests and avoid conflicts of interest.
By the fourth quarter of 2008, when Living The Link was insolvent or potentially so, she owed these duties to its creditors.
They alleged that she “procured” the transfers without providing consideration and without obtaining proper valuations. These were not deals conducted at “arms length”, in which both sides acted independently.
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