Major cosmetic chain used by Aussies across the country on the brink of collapse

One of Australia's leading body shaping and wellness chains has been placed into administration as the cost of living forces households to tighten their belts.

Body Catalyst, a non-surgical cosmetic chain with 29 clinics in New South Wales, Victoria and Queensland, went bankrupt last Thursday.

WLP Restructuring's Alan Walker and Glenn Livingstone will meet with creditors on December 19 to discuss the company's financial viability.

Scentre Group, which owns Westfield, will likely be at the table with 10 Body Catalyst stores in East Coast malls.

Landlords, the Australian Taxation Office and suppliers are also expected to attend the first meeting of creditors will consider whether to close additional locations after eight stores closed their doors this year.

Mr Walker said the company would continue to operate “at this time” while administrators assessed the company's financial position.

The administrator hopes to restructure the company 'to save jobs and as many clinics as possible' news.com.au reported.

Mr Walker said households having to tighten their belts and prioritize essentials amid rising living costs had hit incomes.

He said cosmetic procedures still remain a “sensitive spending decision”, with the company also struggling with fixed overhead costs.

Body Catalyst offers its clients services such as cryolipolysis fat freezing, cellulite reduction, skin tightening treatments and muscle defining treatments.

Treatment prices cost between hundreds and several thousand dollars.

Customers can also sign up for a membership program for $59 per week to access exclusive offers and discounted treatments.

A 10-count Cellulite Buster pack costs $3,140, ​​while the Tight Tummy pack costs $3,699 – with both treatments promising to tighten lost skin and improve definition.

Body Catalyst was founded in 2015 by Samantha Barakat Light (left) and once had 44 clinics in Australia and New Zealand

Body Catalyst was founded in 2015 by Samantha Barakat Light and once had 44 clinics in Australia and New Zealand.

Ms Barakat Light previously revealed that she was inspired to start the self-funded business after discovering the benefits of cryolipolysis.

Fat freezing, medically known as cryolipolysis, is one of the most popular, non-invasive methods to permanently reduce stubborn body fat.

'I started Body Catalyst three years ago after discovering that no matter how well people ate or how much they exercised, they still maintained weight in certain areas. Coming from a health science background, the gap between the two fascinated and frustrated me in equal measure,” Ms. Barakat Light said in 2015.

“This disconnect has eroded people's trust (including mine). The harder we work to keep our bodies healthy and happy, the more frustrating it is to have stubborn fat deposits.

'When I heard about cryolipolysis, I was excited to find a treatment that would help this problem and my vision was to make this technology accessible to everyone – and with Body Catalyst I have achieved that.'

Alan Walker and Glenn Livingstone of WLP Restructuring will meet with creditors on December 19 to discuss the financial viability of Body Catalyst.

Ms Barakat Light resigned from her role as CEO in May this year.

In a LinkedIn post, the founder said she would be transitioning to a behind-the-scenes role where she could focus on the company's strategy and the big picture.

Badia Kita, who oversaw the company's successful expansion into Auckland, New Zealand, has taken over as CEO.

There are 15 clinics in Victoria and include areas such as Armadale, Geelong and Moonee Ponds.

A further nine have been set up in NSW, with Bondi Westfield, Camden and Mosman among the locations, while a further five operate in Queensland.

Ny Breaking Australia has contacted Body Catalyst for comment.