The company, which used to be regarded as the world’s best fitness chain, has seen its share of franchise collapses in Australia.
Its celebrity investor Mark Wahlberg was in the country recently.
Franchisee DRX Fitness, which used to be known as F45 Training Alexandria, called in the Worrells liquidator Graeme Beattie on February 26.
On March 13, Shane Deane and Nicholas Giasoumi were appointed as the liquidators of Lado Pty Ltd, which was also a former F45 franchise.
In his report to creditors, Mr Beattie noted that the DRX Fitness franchise in Alexandria was insolvent due to its failure to meet its financial obligations.
Damian Abson, its owner and director, had put it into liquidation.
The company had a cash balance of $1,486, but it had over $95,000 in debts, including employee wages and contributions.
Over $55,408 was owed to trade creditors, while $17,000 was to a business finance company known as Lumi Finance.
The Australian Taxation Office is also looking into the company’s tax debts.
According to Mr Giasoumi, the directors and owners of the Traralgon gym, Nicholas Dowse and Matthew La Frenz, decided to close their business before it got too deep.
Although the company’s debts were not too big, Mr Giasoumi noted that it had a significant amount of money owed to various creditors, such as the Australian Taxation Office and its landlord.
He said it was very hard for F45 to get out of its Covid hole. Over 20 of the company’s gyms have closed in Australia in the past 18 months.