SYDNEY: Bond-Eye has quickly moved to distance itself from the collapse of The Australian Swimwear Company (ASC).
ASC was placed into liquidation earlier this month following the appointment of receivers on April 30, 2010. Early last year, the company had positioned itself as a new swimwear powerhouse in Australia, integrating iconic brands Moontide and Bond-Eye under one umbrella.
ASC director Steve Philpott, who is also the founder and managing director of Bond-Eye, issued a statement to clients and suppliers on the day of ASC’s descent into liquidation.
“I wanted to fill you in on the news that The Australian Swimwear Company Pty Ltd was placed into liquidation at the creditors’ meeting held earlier this afternoon as anticipated,” he wrote.
“I also wanted to reiterate to you as stated before, this will have no bearing on the Bond-Eye brand and nor will it have any effect on the delivery of the Bond-Eye orders. Production is on schedule and we are looking very forward to the season ahead.”
Philpott declined to comment on the circumstances leading up to ASC’s collapse. However, as reported in Ragtrader’s May 21 edition, its agreement with Moontide disintegrated late last year, resulting in a shortfall of export markets across the UK, US and Europe.
According to a liquidator’s report filed with the Australian Securities and Investments Commission, ASC owed $919,002 in secured, preferential and employee entitlement claims at the time of its collapse. Unsecured creditors were listed as being $311,890 in the red, with some creditor claims under dispute.
Philpott has disputed several claims lodged by companies operated by Robert Bright, the Hong Kong-based group chief executive of Moontide Swimwear. These include International Swimwear Logistics and The Australian Swimwear (Asia) Company Limited.
“Reconciliation of the account has not been possible and details can be provided if necessary to explain the discrepancy between what Robert Bright is claiming and our position on it,” Philpott noted in the liquidator’s report.
Philpott declined to comment on these discrepancies and any issues relating to secured and unsecured creditors.
Bright could not be reached for comment at the time of press.
Assia Benmedjdoub