Infinite Cycle International Pty Ltd and IC International Pty Ltd were placed into creditors’ voluntary liquidation on 24 February 2023. Christopher Darin of Worrells Sydney is appointed as liquidator of both companies that are related by way of common directors.
IC International Pty Ltd was the master franchisee of “Infinite Cycle”, an indoor cycling franchise brand providing on-site spin classes in studios located in Bondi Junction (NSW), Green Square (NSW), Neutral Bay (NSW), Balgowlah (NSW), Canberra (ACT), and Armadale (Vic).
Infinite Cycle International Pty Ltd operated an “Infinite Cycle” studio in Green Square NSW and ceased trading in June 2021.
The directors advised that due to the COVID-19 pandemic and slow recovery of the indoor fitness industry, the business model appeared unsustainable for an extended period. Following attempts to restructure the business, the directors decided to sell the master franchise agreement, and close their own stores. As a result, four of the six Infinite Cycle franchisees business are no longer operating with the exception of the Balgowlah and Armadale studios which are operated by independent owners with no franchising responsibilities.
Preliminary documents obtained from the directors list the Australian Taxation Office as the sole creditor for both companies.
A report to creditors will be issued in May 2023 containing information regarding liquidator’s findings from preliminary investigations.
Former employees who are owed entitlements are encouraged to contact Worrells via Worrells’ website www.worrells.net.au. Creditors and stakeholders with information that may assist the liquidator’s investigations are also encouraged to contact Worrells.
Worrells is the leading brand of insolvency and turnaround teams. With local teams in Qld, NSW/ACT, Vic, and WA, Worrells also has the support of a national brand. Its teams have helped people and business recover from difficult financial situations and assisted the creditors attached for over 50 years.
—ENDS—
Irving Kwek
Senior Business Analyst, Worrells, Sydney office
Irving.kwek@worrells.net.au