AUSTRALIA: Reynolds put in liquidation
Reynolds Wines has been placed in liquidation. The announcement was made yesterday at a creditors' meeting. The group's liquidators are now looking at possible legal actions to cover the amount owed to secured creditors.
According to Australian Financial Review, liquidator Greg Hall of PricewaterhouseCoopers has secured A$300,000 (US$215,520) to fund the legal possibilities. It is expected the sale of Reynolds' current assets will not cover funds owed to secured creditors. As things stand, the group's unsecured creditors would receive nothing.
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