Thu, 14 Aug 2014 | ADMINISTRATION
Encarta Fine Wines Ltd is now in liquidation owing between £3.5 million and £3.8 million to its creditors.
It was confirmed at a meeting among the creditors in Bexleyheath on Tuesday 12 August that the wine investors’ stock, which is worth about £1.7 million and is held at its grade ll-listed warehouse with London City Bond, would bring in £1.3 million if sold.
Decanter reported that the liquidator Nedim Ailyan of Abbott Fielding said the directors attributed the situation to HSBC, their bank, having frozen Encarta’s bank accounts for four months.
Speaking to Decanter, Mr Ailyan explained: “Because of concerns about the level of commodity fraud I believe that the Financial Conduct Authority has been asking banks to investigate commodity asset investment companies that might have suspicious transactions.”
Encarta’s banking facilities, it is believed, were put on hold for a four-month period this year while an investigation was carried out, the accounts were subsequently made active again.
Encarta Investment Group was set up in 2006, its website says, to provide a more personal approach to wine investments and with a focus on wines from Bordeaux.
The same liquidator is also working on liquidating Canary Wharf Vintners Ltd, which entered liquidation on 23 July, along with other wine investment firms.
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