Happier days for Kenneth Gundlach: Bordeaux Fine Wines Ltd
sponsored the ROA (Race Horse Owners) Horseracing Awards in 2012
Bordeaux Fine Wines Limited - in
Liquidation
‘The Company was placed into formal
liquidation at the hearing today (26 February 2014) in the
Companies Court (High Court, London) on the grounds it is
expedient in the public interest on the basis it just and equitable for it to
be so under Section 124(a) of The Insolvency Act. The petition brought by the
Department for Business, Innovation & Skills had been supported by four
creditors with claims totalling c£2,582,000.
The director was not present however the
Winding Up Order was not contested. In a statement read out by the Registrar to
the Court Mr Gundlach admitted that the Company had purchased insufficient wine
to fulfil customer orders. Wine prices had again, according to the director,
been inflated by 60% although an investigator had suggested this to be more in
the region of 350% given much of the wine had not actually been purchased. The
Registrar further commented “It is clear from evidence before me that they did
not purchase sufficient wine to fulfil orders”.
The level of indebtedness to the Company
could not be quantified at the hearing with The Public Interest Unit suggesting
at least £8m as being due to investors as well as HMRC’s claim in the proceedings
being c£8m. The director in response to the Public Interest Unit had previously
stated “On current allocation £12m of investors will not get wine”.
It was reported in court that the
Metropolitan Police have been investigating.
A meeting of creditors will now take place
in London at The Official Receivers Office, 2nd Floor, 4 Abbey Orchard Street,
London, SW1P 2HT. The potential date put to the hearing was 14 March 2014
at 15.00 specifically to appoint an insolvency practitioner, however this date
has yet to be confirmed. The Official Receiver has deemed it appropriate
to convene such a meeting given the unknown level of creditors to further
ascertain creditor wishes. It should be noted the director is not duty bound to
attend the meeting and it is thought highly unlikely he would do so.
Jim:
I’m very grateful to Samantha Street of
Grant Thornton for the above summary of this morning’s hearing. If Kenneth Gundlach,
the sole director of Bordeaux Fine Wines, is correct in his estimate that
investors will not see £12 million worth of wine they purchased, then this is a very
substantial shortage. The shortage in last year’s Nouveau World Wines/Finbow
totaled some £4.5 million.
Grant
Thornton
(I’m happy to post this message on behalf
of Grant Thornton for information. Any other insolvency practitioners looking
to act as liquidator to Bordeaux Fine Wines Ltd can contact me about posting a
similar notice.)
'David Ingram of Grant Thornton UK LLP has
been nominated to act as Liquidator by other creditors and as such should
anyone involved in the purchase of wine through Bordeaux Fine Wines wish to
understand how Grant Thornton UK LLP can represent their interests in this
matter please do contact Samantha Street, a manager at Grant Thornton, at samantha.j.street@uk.gt.com
or alternatively 0207 728 2651.
Grant Thornton have successfully dealt with a number of wine investment companies making good recoveries for investors noting there will be no charge to investors in making a nomination for David Ingram to be appointed to act.
FInD specialise in tracing and recovering assets and are a national team together with an international reach with a presence in all offshore financial centres. They have recovered assets from many jurisdictions and are currently successfully recovering monies for victims of various investment scams, including off plan property developments, mortgage fraud and boiler room fraud, in the UK, Spain, Caribbean, USA, the Middle East and other overseas jurisdictions.
For further information regarding Grant Thornton's insolvency investigation services please visit http://www.grant-thornton.co.uk/en/Services/Recovery--Reorganisation/Fraud-Insolvency-Division-FInD/'
