Eyebrow queen Kristin Fisher has wiped out almost $1million of unpaid tax in an incredible deal with the taxman – and celebrated by popping a $600 bottle of champagne.
The beautician has finalised a life-saving deal through her administrators to stave off bankruptcy and will now escape paying almost all of the $915,000 she owes the n Tax Office.
Creditors of her Double Bay salon in Sydney’s ritzy eastern suburbs, including the ATO, will now receive between six and nine cents for every dollar they were owed.
The deal will see Ms Fisher slash her tax bill to under $100,000, which is less than half what she previously offered the ATO in an earlier rejected compromise payment.
She toasted the financial victory with a $600 bottle of 2008 vintage Dom Perignon champagne and a bowl of shoestring fries, in a picture posted to Instagram on Tuesday.
Ms Fisher, 38, also had a $100 bottle of Hurley Vineyard Garamond Pinot Noir from Victoria’s Mornington Peninsula to crack open when the bubbles ran out.
Eyebrow queen Kristin Fisher (pictured) has wiped out almost $1million of unpaid tax in an incredible deal with the taxman – and celebrated by popping a $600 bottle of champagne
Kristin Fisher toasted the financial victory with a $600 bottle of 2008 vintage Dom Perignon champagne and a bowl of shoestring fries, in this picture posted to Instagram on Tuesday
The luxury champagne is described as having a ‘dry racy finish with crisp acidity and an airy yet tense feel’ and retails for $599 a bottle – or $7,188 for a case – at online bottle shops
Kristin Fisher was romantically linked with hairdresser Tom Cole in 2020 (she is pictured here in his salon)
She had previously offered to pay the ATO $200,000 over two years in a restructuring plan drawn up by her former administrators, Worrels, in July but that was snubbed by the ATO.
The mother-of-two switched to new firm Cor Cordis on November 30, after she met them with her financial advisor Banjo Bond, husband of her sister Kate, and grandson of notorious businessman Alan Bond.
The new team managed to seal the remarkable deal in the week between Christmas and New Year.
Administrators Jeremy Nipps and Rahul Goyal said a week earlier that they were investigating new restructuring options and a Deed of Company Arrangement (DOCA).
The DOCA made the cut-price offer to creditors of Kristin Fisher Eyebrows over the festive break which has now been accepted by the ATO.
Cor Cordis told Daily Mail Kristin Fisher Eyebrows had ‘successfully navigated its way out of voluntary administration’.
The company admitted the decision to accept the terms of the DOCA ‘was not unanimous’ but said it protected ‘the Double Bay business from potential closure’.
Ms Fisher had previously relived the moment she found out she was facing financial ruin a year ago, but insisted it was business at normal for her salon.
‘Last December I received a phone call that no small business owner ever wants to receive,’ she said.
‘I was in a state of shock for a solid 24 hours. I didn’t leave my bed. 24 hours of staring at the ceiling thinking how on earth has this happened?
‘Thankfully I was in Perth with my family at the time who cried with me, cuddled me, looked after me, and finally when I was ready, they all came together and we got straight to work on how to rectify this.
‘Suggestions were to just fold the company by some advisors…
‘There was no way on this earth was I ever going to do that.’
Kristin Fisher split with husband Chris Barnes just months after the couple shared pictures of the moment they renewed their vows
Fisher was then linked with hair stylist Tom Cole (pictured with his wife Mariah Roata at their Bali wedding)
Socialite Nadia Fairfax quietly unfollowed Fisher and, as of recently, Fisher no longer has access to her former best pal’s private Instagram account
She said Covid had ravaged the company a year after opening her flagship salon in Double Bay and robbed her of all income.
‘We had absolutely zero revenue for the entirety of the lockdowns, and growing debt from the fitout and accumulating rent on the premises,’ she posted on social media in September.
‘What I have spent the past nine months doing is learning everything and anything I can about how things went wrong, how to actually be across your financials (instead of living blissfully unaware thinking your ‘advisors’ were looking after it).
‘I honestly think the amount I have learned in this past nine months I could almost be an accountant.’
She added: ‘That being said, I can’t pass the blame.
‘I should have been across it all, but like the old saying goes, “you can’t work on a business, and in a business at the same time” – particularly when you have two little people who are your main priority each and every day.
‘So I dropped a ball. And here we are.’
Her administrators’ rescue plan offered creditors the choice of receiving nothing or between 6.22 per cent and 8.82 per cent of the $932,000 in total owed by Ms Fisher.
The creditors report says she also owes around $450,000 to relatives and a further $100,000 owed to an unnamed related party.
Ms Fisher has courted controversy in recent years, after being caught in a police cocaine sting during Covid lockdowns, and splitting with personal trainer husband Chris Barnes.
She then dated celebrity Double Bay hairdresser Tom Cole as his marriage ended and later appeared to fall out with former best friend and fellow socialite Nadia Fairfax, who unfollowed her on social media.
She was also hit by tragedy when one of her staff members Michele Singh committed suicide after a night out with her boss in Sydney in 2021.
In January 2021, Fisher endured a personal tragedy when one of her close friends, Michele Singh (pictured togther), took her own life hours after the pair had dinner together
Fisher was convicted and fined $550 after she failed to appear in court charged with possessing a prohibited drug and failing to comply with public health orders
Despite the turmoil, the administrators found Ms Fisher’s business was still viable and turned a total profit of $300,000 between 2020 and 2023
Despite the turmoil, the administrators found her business was still viable and turned a total profit of $300,000 between 2020 and 2023.
Their report found Ms Fisher’s downfall had been caused by ‘an inability to manage significant debts owed to the ATO which accrued since at least early 2020’.
It also said there were ‘considerable director drawings over that same period used to meet personal living expenses, for which limited repayments have been made’.
The administrators blamed Covid trading conditions, poor financial advice and the breakdown of Ms Fisher’s marriage and subsequent ‘personal distress’ for impacting the business.
They said up to $1.4million had been taken out of the company in ‘potentially unreasonable director related transactions’ but warned against legal action.
‘We have reviewed the statement and made other inquiries including from company records and publicly available information including real property searches,’ he said.
‘Based on our preliminary investigations, if a successful claim was brought against the director, there may not be the ability to pay the amount of the estimated claim for insolvent trading and/or director loans as the director appears to have limited financial capacity to meet any such claim in full.’
The report also said Ms Fisher may have breached the Corporations Act by not acting with ‘care and diligence’ as a director.
Mr Nipps said she may not have been ‘managing the financial and strategic affairs of the company’ or ‘act in good faith … by withdrawing funds from the company to the extent where it impacted the Company’s solvency’.
Cor Cordis told Daily Mail : ‘The critical Second Creditors Meeting convened in Sydney on December 29, 2023, culminating in the acceptance of a Deed of Company Arrangement.
‘The administrators’ decision was based on the benefits of the proposed arrangement – ensuring job security for employees, fostering ongoing trade relationships with suppliers, and preserving the business’s goodwill.
‘There was a strong consensus that this outcome was in the best interest of all creditors, recognising that liquidating the company would yield no returns for creditors.
‘While the decision to accept the Deed of Company Arrangement was not unanimous, the administrators, concluded that this course of action offered superior prospects for the company’s employees and stakeholders compared to the alternative.
‘For Kristin Fisher Eyebrows Pty Ltd, this signifies a new chapter—a testament to resilience and dedication in upholding commitments to both its workforce and stakeholders.’
The ATO said it was unable to comment on individual cases ‘due to our obligations of confidentiality and privacy under the law,’ said a spokesman.
Administrators found Ms Fisher’s downfall had been caused by ‘an inability to manage significant debts owed to the ATO which accrued since at least early 2020’
The report also stated Kristen Fisher may have breached the Corporations Act by not acting with ‘care and diligence’ as a director