About 300 creditors of the collapsed McWilliam's Wines will vote on a rescue proposal by private equity investors led by Prcstnt Asset Management on July 24, which would end 143 years of family ownership of the wine group.

McWilliam's has been in administration since January 8 and on Wednesday KPMG’s Gayle Dickerson and fellow administrators recommended that creditors, owed a combined $40 million, back the recapitalisation proposal.