Geedup built a streetwear cult and a $98M founder — then the taxman closed it

Geedup was founded in 2010 by Jake 'Paco' Catley in his mother's garage in Western Sydney. What began as a screens-printing side hustle grew into one of Australia's most hyped streetwear brands, known for tightly controlled limited drops that sold out in minutes and commanded premium resale prices. By 2023, annual revenue had surpassed A$20 million, and Catley appeared on the Australian Financial Review's Young Rich List with an estimated net worth of A$98 million.

But the brand heat masked weak fundamentals. In late April 2026, Geedup entered voluntary administration after the Australian Taxation Office served a winding-up order. The Federal Court of New South Wales approved the wind-up on June 25, 2026, after finding the company owed A$2.2 million to the tax office and a total of A$16.5 million to creditors. The business had lost more than A$5 million in the current financial year.

Robert Woods of Deloitte was appointed liquidator. Catley attributed much of the debt to a A$6.5 million fraud he claimed to have suffered two years earlier, including a cyberattack that forced a 60% discount on the online store. The ATO argued that a liquidation could return nearly 25 cents on the dollar, versus a settlement offer of 18.76 cents.

Geedup's collapse is a cautionary tale about the gap between brand heat and business fundamentals. A streetwear label that moved product faster than most could not move fast enough to outrun the tax office.