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Heritage Fine Wines

Published:  23 July, 2008

Australian wine investment company Heritage Fine Wines Pty Ltd, which went into administration on 2 March with a deficiency of A$2.84 million, has now become ensnared in a series of legal actions and court cases, writes JIM BUDD.

Two ex-employees of Heritage, who are now creditors, are seeking to have Peter Ngan, the liquidator, removed because of conflict of interest. Ngan recently became a creditor when he bought the ANZ Bank's A$350,000 charge over Heritage. A number of creditors have gone to the New South Wales Supreme Court to get access to their wine.

In addition, there is also a claim and counter-claim between Heritage and The Millers Self Storage. The storage company is claiming A$150,000 in unpaid fees, while Heritage is claiming a similar sum for missing wine. Heritage's records show that the company sold 2.04 million bottles of wine. However, only 919,000 bottles have been found at the warehouses, although Ngan says that his investigations show around 1.2 million in store. Ngan's estimate still leaves nearly one million bottles unaccounted for.