Creditors urged to vote for winery wind up
Posted
Administrators for failed Margaret River winery Palandri will today recommend creditors vote in favour of winding up the company.
The company Deloitte took over as administrators in February after concerns were raised over loans it had connected to its managed investment schemes.
In August, administrator Gary Doran declared the schemes bankrupt at a loss to investors of about $160 million.
At a creditors' meeting in Perth today, Mr Doran will recommend creditors agree to place all of the group's companies into liquidation which could give creditors a return of up to 26 cents per invested dollar.
If creditors do not vote to wind up the group, Deloitte's deed of company agreement will be enacted which could provide creditors with a return of between 3.2 and 16.1 cents per invested dollar.
