KPMG says the historic Australian wine company McWilliam's Wines may have been insolvent almost six weeks before it was appointed as administrator, and that it had racked up combined losses of more than $80 million since 2015.
A 257-page report, which has been sent to the creditors by KPMG partner Gayle Dickerson and fellow administrators, outlines that they believe the company may have been insolvent as early as November 30, 2019. KPMG was appointed administrator on January 8, 2020.
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Simon Evans writes on business specialising in retail, manufacturing, beverages, mining and M&A. He is based in Adelaide. Connect with Simon on Twitter. Email Simon at simon.evans@afr.com
