A creditor’s report prepared by Jirsch Sutherland revealed Sans Drinks has assets worth $287,308, but creditors are collectively owed about $2.6 million.

Sans Drinks has been loss-making for the last two years, during which it lost $250,691 in the 2022 financial year and $112,217 in 2023. Administrators believe it has been insolvent since at least June 30 this year.

The business ran out of cash after Falcone’s investment in her own brand, Ms Sans, coincided with a plateau in sales amid cost-of-living pressures and heightened competition from the major retailers.

Falcone invested her own personal funds into the business and sold CraftZero, a non-alcoholic craft beer business she acquired in July last year, to pay trading expenses and reduce debt, but it wasn’t enough to pay outstanding debts, according to the report.

Falcone herself is owed $838,385.43.

Sans Drinks’ sole secured creditor is invoice factoring business Australian Factoring Company, owed $190,095. Employee creditors are owed $69,118. Partly secured creditors, which include forklift businesses, Volkswagen, and packaging business Wellen, are owed $138,673.

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Among the unsecured creditors, the Australian Taxation Office is owed nearly $96,000; $20,000 is owed to Facebook owner Meta; more than $178,000 to Paypal; and over $334,000 to Westpac. Several non-alcohol businesses are also unsecured creditors, including Heaps Normal, Hawkesbury Brewing Co, Lyre’s Spirit, Sobah, and dozens more.

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