Lovely by Skin Institute was placed into liquidation and permanently shut all of its stores on September 6.
The liquidators' report stated the reason for the company's liquidation was the "unprecedented challenges faced by the Covid-19 pandemic".
Liquidators noted the sale process had failed to find a suitable buyer or field any substantial offers.
"As a result, it was determined that it was no longer economical to continue to trade the business," the report outlined.
Fisk told the Herald that at this stage it was looking likely that parent company Skin Institute was by far Lovely's largest creditor. It is not yet known how much it is owed or if it would receive any money owed.
As for assets, Lovely owned appearance medicine equipment, inventory and office furniture and equipment, the liquidators outlined, which would be sold.
In the report, the liquidators said they would "investigate the actions of the director, former directors and the affairs of the company to identify if there are any insolvent transactions, avenues for recovery or breaches of law which we may refer to the authorities for further investigation".
Fisk said this was standard protocol and he did not expect to uncover any questionable dealings by management.
The report noted that the current director had only been in place for one month immediately preceding the liquidation.
Lovely by Skin Institute is the sister company of the Skin Institute, which also operates beauty clinic brand Off & On. The Skin Institute is honouring any prepaid packages, vouchers and gift cards for Lovely, redeemable at either Off & On or the Skin Institute clinics. No refunds are possible.
Lovely by Skin Institute staff were informed that they would lose their jobs on the day the company was placed into liquidation, without prior warning, and some were greeted by liquidators as they came into work for the day.
Last week a redundant Lovely by Skin Institute staffer told the Herald management gave no prior notice of the liquidation nor any indication that the company was in trouble.
Some staff members felt the news came "out of the blue".
One woman the Herald spoke to, who asked not to be named, said the demise of the business was "really sad" and a lack of communication from management made things worse.
"Nobody had any idea. As of two days ago we were told about new sales [promotions] that were happening, and the company recently employed a lot of new people.
"There were new staff in training and others who were waiting to start," said the woman, who had been working for the business for a year.
"It is really shocking to go to work one day, be booking in clients for six weeks' time, be selling product and packages and then the next day the doors are closed to you."
Last Tuesday staff were paid for the previous fortnight's work and told they would get annual leave entitlements paid out alongside two weeks' pay as notice.
Skin Institute chief executive Justin Liddell said due process was followed when asked why staff were not given prior notice about the liquidation or informed by management.
"We understand the closure of the business has come as a shock to our talented team. Our thoughts are with them as the liquidators work through this process," Liddell said.
He said Lovely by Skin Institute faced severe disruption from Covid-19.
"The Skin Institute Group provided significant financial support through the life of business but felt that at this time all reasonable options had been extinguished and the business needed to close," he added.
"We are obviously disappointed that this business has not been the success that we hoped for despite the efforts of our team and the loyalty of our customers."
