Dangerous Dan of the Bang Gang crew is well known as one of the head honchos of impossibly-cool fashion brand ksubi, but it has been confirmed that the once-strong label is presently on the brink of collapse having been placed into voluntary administration this week.

ksubi’s popularity amongst the club and party scene is unrivalled, with their jeans in particular a staple for many in Australia and beyond. However they’ve fallen on hard times of late with Dangerous Dan – real name Dan Single – and fellow designer George Gorrow left with no choice but to hand over control of the company to administrators.

News.com.au report that the duo – once estimated to have a combined worth of $24 million – will continue to operate their Australian stores in Bondi and Paddington, as well as New York. “We are and will remain fully committed to the ksubi brand and in assisting the administrator to achieve the best possible outcome,” they said in a statement released Monday.

ksubi has always had a very close association with music, in particular the club scene. Late last year Dangerous Dan mixed a disc on the Sneaky Presents: You Only Live Once CD, and in 2006 he also helmed a ksubi branded mix album for German record label !K7 and their DJ Kicks series.