Tuesday 2 September 2014

EXCLUSIVE: Deadlys founder's demise leaves Equmen with $3 million loss

The late Gavin Jones (L) with his partner and Equmen CEO
Anthony Pavlakis
Photo: Deadlyvibe.com.au 
THE chief executive of premium underwear brand Equmen Pty Ltd has been forced to appoint an administrator after the death of entrepreneur  Gavin Stuart Jones left the company with no director and no way to pay its debts.

According to a recent judgement handed down in the Federal Court, Equmen Pty Ltd, which sells "proprietary, pressure-support underwear" is a start-up that "has lost approximately $3 million thus far." Jones, who died at his farm in Goulburn on July 12, 2014, was the sole shareholder of Equmen through another company he controlled, Gavin Jones Communications. He was also sole director of Gavin Jones Communications and was the only person with authority to operate Equmen's Australian and international bank accounts.

Equmen, which markets and takes orders for its products via its website, has had stock in US warehouses frozen for non-payment of warehouse invoices since July 22, 2014. A notice on the Equmen website tells consumers "issues with our warehousing channels" have delayed orders.

In the aftermath of Jones' death, his partner and Equmen ceo Anthony Pavlakis applied to the courts for an order under section 201 F of the Corporations Act. Section 201 F deals with companies that have only one director and may require urgent intervention if the sole director dies or is otherwise unable to discharge his or her duties.