Rings from Roy King Jewellery's latest collection
Roy King distributor in liquidation
5.1 k views | Posted December 20, 2011 |
By Coleby Nicholson
B&H Wholesale, the Australian distributor of Roy King Jewellery, was placed in liquidation on 29 November.
Richard Rohrt, from insolvency firm Hamilton Murphy, has been appointed liquidator following a creditor’s meeting last Friday.
A draft report by the liquidator reveals debts totaling over $700,000, with the majority ($596,000) owed to the Australian Taxation office.
Roy King Jewellery was established in London in 1927, appointing B&H Wholesale as its Australian distributor in 2009. Company spokesperson, Caron Wong confirmed that B&H had closed, though it still held unpaid Roy King Jewellery in stock.
Wong declined to confirm details of the exact size of the debt owed to Roy King, although the liquidator’s report confirms the company is on the creditor list.
B&H’s descent into insolvency was swift. Only months ago, the company was trumpeting the launch of its latest product range by Zeades Monte Carlo, a collection of fashion jewellery, watches and accessories designed in Monaco.
As a lead up to the Sydney Trade Fair in July, B&H Wholesale general manager Darren Holley claimed there was nothing like Zeades Monte Carlo on the Australian market. He added that Zeades had proved an instant hit since its launch at the Melbourne jewellery fair a few months earlier, where it secured 10 stockists on debut.
At the time of publication it was unclear whether B&H still held Zeades stock, or products from its range of licensed AFL watches.
Official Australian Security and Investment Commission (ASIC) records show that B&H was first registered in March 2010, and Holley was director of B&H Wholesale from July 2010 until April 2011.
Rohrt said he did not expect to know much more about the state of the company’s affairs until early in 2012.
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