Australia's oldest wine organization, The Wine Society, was recently reported to be in receivership after owing nearly $2 million ($13.667 million) to some of the country's leading winemakers, but is not expected to pay back its creditors, according to The Daily Telegraph.
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The Wine Society, which was founded around 1946 and has 20,000 members, is said to owe 125 creditors, including well-known winemakers Tyrrell, Casella and Oatleys. Society"s directors recommended the sale at the 15 to 30 cents originally promised.
Since 2016, The Wine Society has been operated by Wine Collective Holdings. With no other buyer in sight, The Wine Society administrators agreed to sell to operator Wine Collective Holdings for less than $1.4 million, and upon completion of the transaction this month, Wine Collective Holdings da will retain ownership of the organization's wine license, intellectual property and database.
Currently, Wine Industry Advisors Australasia, a company owned by Robert Whitton, former president of The Wine Society, has applied for $400,000 in debt.