The administrators at Reynolds Wines have warned creditors that the company is likely to be wound up as none of the prospective buyers for the company has submitted a formal bid.
Greg Hall and Phil Carter, of PricewaterhouseCoopers, also said that while they could take the directors of Reynolds Wines to court for insolvent trading, they were uncertain of a satisfactory outcome.
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The administrators found that Reynolds owed the Australian Taxation Office more than anticipated with the ATO claiming A$17m from the collapsed company. Creditors are to vote on the company’s future at a meeting next Friday.
Three parties are believed to be considering buying the company which went into voluntary liquidation in August.
