The company, which was established by Thierry Cabanne in 1981, was sold in October to investment firm KKVMS.
Sidcup-based Abbot Fielding has been appointed to handle the administration and creditors may have to wait up to two months to discover whether they will recoup any cash.
Thierry's former managing director Hatim Dungarwalla said he could not comment on the size of the debt. He told OLN: "The administrators have written to all creditors and they are now waiting for the creditors to submit their claims. The administrator is currently preparing his report, which is expected to be ready in about two months."
KKVMS head Richard Baizley told OLN last month that it was prepared to negotiate with suppliers left out of pocket by Thierry's, but that KKVMS had "no moral obligation" to repay debts.