D&D Wines proceeds to liquidation immediately
10th July, 2012 by db_staff
It has been confirmed that D&D Wines International liquidation has begun.
PKF accountants & business advisers have confirmed to the drinks business that Kerry Bailey and Trevor Birch have been appointed independent liquidators of D&D Wines International.
The company was placed into administration on 20 April 2012, with administrators from RSM Tenon being appointed by the directors.
At the first meeting of creditors – who are owed £10.5 million – on 29 June, the proposals presented by RSM Tenon were rejected in their entirety.
Creditors with claims totalling £7 million in value passed a resolution that the company should proceed into liquidation within 14 days and that Kerry Bailey and Trevor Birch of PKF should be appointed as Joint Liquidators.
At a Court hearing on 9 July in the Manchester District Registry, the presiding judge ordered that the company should proceed into liquidation immediately.
D&D Wines International, based in Knutsford, Cheshire was incorporated in 1989 to carry forward the business of its proprietor, who had commenced trading in 1973.
A creditors’ report earlier this year for the wine distributor showed that Champagne house GH Martel is owed £790,000 and Spanish Rioja vineyard Bodegas Muriel is owed £2.8 million. While fellow Rioja wine producer Bodegas Eguia is owed almost £1.25 million and French wine group AdVini is owed £1.28 million.
D&D Wines hit trouble after one major overseas supplier started to invoice British retailers directly, cutting the distributor out of the loop and reducing its turnover.