The Melbourne-based business, known for distributing watch brands including Bulova and Jag in Australia and New Zealand, appointed administrators Fabian Kane Micheletto and Michael Carrafa from insolvency accounting specialist SV Partners on 20 June.
An email obtained by Jeweller on 22 June stated Time Essentials had been placed in voluntary administration and that trading was suspended while administrators undertook an “urgent assessment” of its business operations, contractual obligations and financial position.
A SV Partners spokesperson confirmed it was in charge of the process and that a creditor’s meeting was scheduled for 11am on 30 June at its premises in Melbourne. They declined to provide further information.
Time Essentials managing director, John Papaioannou, did not wish to make a comment when he was contacted by Jeweller, other than to confirm the company was in administration.
Australian Securities and Investments Commission (ASIC) records show that the Time Essentials business was registered in January 2009 and a review date was set for 31 January 2017.
At the time of publication, it was unclear when or if operations would recommence nor what would happen to retail stockists’ outstanding orders or repairs.
In addition to Bulova and Jag, Time Essentials distributes watch brands such as Fiorelli and Champion. The supplier also won Distributor of the Year at the annual Bulova Distributors Conference in 2012, beating 36 other international companies.
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