Former Richmastery company in liquidation

The company which previously owned the Richmastery property education business has gone into liquidation, owing creditors almost $76,000.

Wednesday, July 1st 2009, 11:30AM

by The Landlord

Richmastery Ltd changed its name to Ralph Trading in May this year. Around the same time, Richmastery founder and head Phil Jones also incorporated a new company called Richmastery NZ Ltd.

Ralph Trading was put into liquidation by its sole shareholder Zooloo Holdings, which is owned by Rich Investments, which is in turn owned by Jones.

Ralph Trading was put into liquidation "due to a strategic realignment of group assets following an international business expansion from Mr Jones's relocation to the USA and a change in the national franchise structure," the liquidator's report said.

In defending the move, Jones wrote in a Richmastery blog: "It was recommended by our accounting advisers that we close Richmastery's old trading structure and move the new business operations to a fresh entity, thereby enabling the correct operational and asset planning structure to be established for future business operations. This is exactly what we have done!"

Jones also confirms that all assets of the old company have been transferred to the new company, Richmastery NZ Ltd and that "the Richmastery business, brand and services continue to operate without interruption as they have for nearly a decade".

Ralph Trading's total assets are valued at nil, although the report says the company still owes $75,832 to unsecured trade creditors.

There are 10 known unsecured creditors of the company, although Jones says "All valid creditors of the old company have been transferred to the new company and the only creditors that remain with the old company are creditors where a dispute exists". People have until July 10 2009 to prove their claims.

The report also says Jones is in litigation with Gilligan Rowe & Associates and partner Matthew Gilligan, "over matters concerning the two parties' historical business relationship".

The liquidator is Robert Willis of CST Nexia.

-By Maddy Milicich

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