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Administrators McGrathNicol said liquidators should consider an insolvent trading claim and potential breaches of director duties, subject to further investigations.
The cosmetics and personal care group is backed by BRC Capital. KPMG said the majority of positions would go if the company could not be sold.
A leading manufacturer behind Australia's most popular household cleaning products, skincare and cosmetics...
Parent company Hiro Brands, which champions eco-friendly household and cosmetics products, has ceased operating and terminated 120 jobs just days into the new year.
The company is a major sponsor of the Melbourne Rebels, with some directors in the portfolio receiving tax office notices over late payments.