Investors Owed $8m After Wine Firm’s Collapse (by Rebecca Gibb)

Posted: January 8, 2013 by wynmaker in Cellars, Wine, Wineries, World wine news
Tags: , , , , , , , ,

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Wine lovers suffer as another investment company goes under.

A wine investment company that has gone into administration owing 5 million pounds ($8 million) to clients, misused their money to pay overheads rather than buy wine, according to the official administrator’s report. The firm is also slammed for keeping “inadequate” records.

London-based Vinance went into administration in November. However, at this stage it is not clear how many of the company’s 1,300 clients are owed money due to the company’s poor record keeping, say Herron Fisher.

The administrators tried to rescue the company as a going concern, but no purchaser could be found due to the “nature of the company’s trading, its incomplete records and its financial circumstances.”
Read on …

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