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Saturday, 29 May 2010

Wine Traders International Ltd (an update)

investdrinks understands that the winding up petition followed an investigation by the Companies Investigation branch.  The Insolvency Service will appoint a liquidator. However, it is not known when this will be.
I understand that Wine Traders International along with the related companies – Assets Vins Rouge Ltd and Bradshaw & Karr are under police investigation. 

Several clients of Wine Traders International have contacted RSM Tenon, who acted as liquidators in a number of the cases of wine investment companies closed in the public interest – Goldman Williams and City Vintners being the most notable. RSM Tenon is in the running to be appointed as liquidator in the case. Apparently some investors have ownership certificates that include rotational numbers; others do not.

It seems quite possible that Wine Traders International only bought part of the wine that investors ordered from them.

4 comments:

  1. Hello
    Can someone out there please help, i have been scammed by Wine Traders International Ltd
    what action can I take.

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  2. I can only suggest that you contact Tenon to find out what the position is.

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  3. The final numbers from the liquidator make sober reading:
    - money claimed by (scammed) investors: £3.9 million
    - money raised, largely by selling wine: £1.5 million
    - expenses sorting it all out: £1.2 million
    - money returned to investors: £200 thousand, or about 5%.
    It is a little more complicated, because some investors claimed and received wine rather than cash. Sometimes multiple investors claimed the same bottles of wine, for which they received a share of the proceeds of selling the wine, which is not part of the £200K. Some of the income was from the wine-receiving investors paying their share of the expenses.

    The final dividend for many is only 5.15p in the pound.

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    Replies
    1. Anon. Many thanks for these details. With The London Vines in liquidation one sees all too clearly a continuation of these scams. Don't buy from companies you know nothing about or from cold calls!

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