Roy King distributor now $1.3million in debt

3.3 k views | Posted February 14, 2012 | By Coleby Nicholson

After further investigation by the liquidator for B&H Wholesale, the Australian distributor of Roy King Jewellery, total debts have risen to $1.3 million.

Richard Rohrt, from insolvency firm Hamilton Murphy, the liquidator appointed to B&H Wholesale last November, has confirmed that the total debt has risen by $600,000, from $700,000 to $1.3 million.

After further investigation into the company’s activities, Rohrt says the increase was all owed to the Australian Taxation Office.

The latest information means that the ATO accounts for $1.2 million of the $1.3 million owed to creditors, with at least a further $100,000 owed to industry suppliers.

Roy King Jewellery was established in London in 1927, appointing B&H Wholesale as its Australian distributor in 2009. Company spokesperson, Caron Wong previously confirmed to Jeweller that B&H had closed holding unpaid Roy King Jewellery in stock.

B&H’s descent into insolvency was swift given only months before general manager Darren Holley was trumpeting the launch of its latest product range by Zeades Monte Carlo, a collection of fashion jewellery, watches and accessories designed in Monaco.

At the time of the liquidator’s appointment it was unclear whether B&H still held Zeades stock, or products from its range of licensed AFL watches.

Rohrt told Jeweller, “Investigations into the company’s affairs and the events that lead to it being placed into liquidation are still being investigated.”

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.

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