By Ian Neubauer
Creditors for WA’s Palandri Wine Group have voted to place the organisation into liquidation.
The decision was made following a recommendation by administrators Deloitte, who said returns to creditors would be higher if the group was wound up in its entirety rather than restructured or refinanced.
It follows an ill-fated attempt to raise $10 million through a new float on the Australian Stock Exchange that was hamstrung by missed repayments for vineyard financing schemes.
Deloitte partners Neil Cussen, Gary Doran and John Greig will act as liquidators for the Palandri Wine Group. They will commence activities to investigate and wind up the group immediately.
The Palandri Wine Group comprises Palandri, Palandri Wine Production, Palandri Wines, Margaret River Wine Investments and Palandri Management.