AUSTRALIA: Normans liquidator files lawsuit
The liquidator of Australia's Normans Wines is suing accounting group Deloitte Touche Tohmatsu, a former Normans' director and one of its officers for A$20m (US$14.8m).
Normans went under earlier this year. The wine company had debts of A$60m including A$34m since repaid to a secured bank creditor. Liquidator Ernest & Young, representing 1548 unsecured creditors, is claiming that the company should have declared substantial losses instead of profits in its 1997, 1998 and 1999 financial statements. The claim is disputed.
Normans brands were bought by the West Australian winery Xanadu in late 2001.
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