Threadhead Pty Ltd, which operated as the Tshirt Mill has gone bust, owing close to half a million dollars to creditors who have voted to wind up the company.

In his latest report to creditors, liquidator Jarvis Lee Archer estimates that the company may have been trading while insolvent since June 2023.

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The Tshirt Mill based in Newstead in Brisbane was a specialist in custom apparel printing, founded by sisters Susan and Kat Mcaskill who started by selling T-shirts at local markets before expanding to a printing powerhouse.

The business had 13 unsecured creditors listed in the liquidator’s report which showed the total amount to be $442,352.90.

The total amount includes a debt to the Australian Taxation Office of $302,480.77, while the ANZ bank is owed $30,022.54 and related parties owed nearly $110k.

The brand was officially started in 2012. It has been operated from a factory in Brisbane and has a presence across Australia and New Zealand.

Mr Archer stated the main reasons the business fell into insolvency were due to ongoing trading losses, failures to properly manage the taxation affairs of the company and accumulated debts.

The brand is still continuing but under new management after it was sold to a related party named Apparel Printing Industries Pty Ltd in August 2025 for $122,596 (including assumed employee entitlements) with seven employees in the business.

The liquidator has formed the view that the sale price was appropriate and the company and director took reasonable steps given the circumstances to avoid breaching any phoenixing laws.

Liquidator estimate that the company incurred debts of more than $330,000 from the estimated date of its insolvency and a further $272,000 has been identified in potential unreasonable director related transactions.

Consequently, he has not identified any claims against the director or the purchaser arising from this sale that are commercially viable.

The owner has been contacted for a comment.