Wealth creation business Richmastery has folded owing creditors more than $75,000. Richmastery, once headed by Phil Jones and David Hows, told people how to get rich in a prominent series of promotions and seminars.

But now Ralph Trading, previously called Richmastery, has been put into liquidation at Jones' behest. People have until July 10 to prove their debts or claims.

Liquidator Robert Willis of CST Nexia in Manukau has issued an initial report saying Richmastery traded in New Zealand by running seminars and offering advice on wealth creation through property.

"Due to a strategic realignment of group assets following an international business expansion from Phil Jones's relocation to the USA and a change in the national franchise structure, the shareholder has decided to liquidate the company," he said.

Ralph's sole shareholder is Zooloo Holdings, owned by Rich Investments which is owned by Jones. Ralph's assets are listed as nil but claims from unsecured trade creditors stand at $75,832.