Wine Society collapse: Australian company goes bust
Australia’s oldest wine club with more than 20,000 members has gone bust and owes almost $2 million to some of the country’s best-known names.
SEPTEMBER 2, 20208:02PMChris Tyrrell at the family vineyard in the Hunter Valley. Picture: Liam DriverSource:News Corp Australia
The Wine Society, Australia’s oldest wine club, owes almost $2 million to some of the country’s best-known names in the wine industry after slumping into administration – but payments to creditors are expected to fall short.
The co-op, which has 20,000 members and has been around since 1946, is in debt to 125 creditors including popular winemakers Tyrrell, Casella and Oatleys.
But the creditors will receive a much lower payout than expected – a return of just 1 to 2 cents in each dollar compared to the 15 to 30 cents the society’s board said they would pay, The Daily Telegraph reported.
Winemaker Tyrrell is expected to receive little more than a cent on every dollar of the $1.8 million they’re owed.
Veteran winemaker Bruce Tyrrell at his winery in the Hunter Valley in NSW.Source:News Corp Australia
This comes after the sale of the society’s assets fell short, with its administrator agreeing to a sale deal with Wine Collective Holdings for less than $1.4 million.
Wine Collective Holdings, which has been running the co-op’s day-to-day operations since 2016, will have ownership of the society’s liquor licence, intellectual property and database when the agreement is completed later this month.
Wine Industry Advisors Australasia, the company owned by the society’s former chairman Robert Whitton, has claimed a debt of $400,000.
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