The company which organises an annual trade for millionaires featuring luxury cars and boats, food and jewellry, was declared bankrupt on Tuesday afternoon.

The Gijrath Media Groep, owned by entrepreneur Yves Gijrath, publishes the magazines Jackie, JFK and LXRY and organises associated events such as Masters of Lxry, the trade fair for the very rich which used to be known as the Miljonair Fair.

The fair attracted an average 53,000 visitors every December. Whether this year’s event will go ahead is not yet known and the company is believed to be working on a restart, the Volkskrant reported.