AWC goes into liquidation

The Antique Wine Company is to enter liquidation after poor trading conditions and a failed lawsuit left it an “untenable position”.

Managing director, Stephen Williams (pictured), has said he has appointed Kreston Reeves to oversee the liquidation and that the Hong Kong office had been shut several weeks ago.

As reported by Decanter, Williams blamed the situation on a poor period of Bordeaux trading from 2012-2013, as well as a lawsuit brought against the company by US collector Julian LeCraw over the authenticity of a bottle of 1787 Yquem bought from AWC.

Although the lawsuit was eventually dismissed, he said the process had damaged the company financially and attracted “negative media coverage”.

Earlier this year AWC announced it was liquidating one of its holding companies which, as Williams told the drinks business at the time, hadn’t traded for three years.

At the same time, Siobhan Turner published an in-depth look at AWC on winefraud.com which took an extremely critical view of the company’s structural and financial history.

Williams said the claims were “exaggerated”.

A creditors’ meeting has apparently been planned for 10 June.

Williams has been contacted for comment.