AUSTRALIA: Proceedings begun against Reynolds
Two directors at Reynolds Wines have been hit by legal proceedings. Liquidators for the company have commenced proceedings against Peter Poolman and Malcom Irving for losses incurred arising from insolvent trading.
PricewaterhouseCoopers, the liquidators for Reynolds, claim that some companies belonging to the group traded while insolvent prior to the appointment of voluntary administrators in August last year. Legal proceedings "could be lengthy and the prospect of a return to creditors remains uncertain," the liquidators warned in a statement.
In November last year, PricewaterhouseCoopers said it had secured A$300,000 (US$215,520) to fund the legal possibilities. It was expected at the time that the sale of Reynolds' current assets would not cover funds owed to secured creditors.
Public examinations of former officers at Reynolds Wines were held in the Supreme Court of New South Wales late last year. Peter Poolman was subject to a second public examination in February.
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