Lorraine Lea has collapsed. The corporate has been put into voluntary administration and is clearing what inventory it has left.
Yesterday Lorraine Lea’s distributors had been knowledgeable their contracts have been terminated.
Lorraine Lea is an Australian MLM firm with enterprise operations courting again to 1986. The corporate marketed a variety of “high-quality, inexpensive linen and homewares”.
Lorraine Lea was based by Peter and Heather Ryan.
The ‘Lorraine Lee’ is Heather’s favorite flower, and the inspiration behind the gorgeous rose brand and firm identify!
At present Lorraine Lea is run by Peter’s and Heather’s son Adrian Ryan (proper).
Anne Petracca was Lorraine Lea’s CEO up till mid 2023. Petracca was outdated by Antony Hampson in June 2023.
Voluntary administration in Australia is just like chapter in different jurisdictions.
In Australia, an exterior administrator, additionally known as an insolvency practitioner, is an impartial individual that’s formally appointed to regulate an bancrupt firm’s affairs.
Versus a Chapter 11 restructuring, voluntary administration is nearer to a Chapter 7 liquidation.
Whereas Lorraine Lea hasn’t publicly addressed its collapse, the corporate has suggested it “doesn’t influence any previous or present orders which can be made”.
I can’t particularly touch upon Lorraine Lea’s MLM operations as BehindMLM didn’t evaluation the corporate. In truth the collapse was the primary time I’d heard of Lorraine Lea.
Not anticipating any additional vital updates but when there are any I’ll go away a be aware beneath.