Decanter World Wine AwardsOddbins applies for administration
- Friday 25 March 2011
Going into administration gives Oddbins ten days of protection from its creditors. The company voluntary arrangement (CVA) put together by Deloitte will be voted on at a meeting in London on Thursday 31 March.
British Gas, which is owed £57.65, is known to have issued a winding up order. It is not known if they are the only creditor to issue a winding up order.
A spokesperson for Oddbins told Decanter.com: ‘It is a precautionary measure to allow the CVA to go through'
'The application gives Oddbins a moratorium over any claims of 10 days and the CVA vote is on 31st March. These creditors will be bound by the terms of the CVA although they can appeal if they feel the situation is unjust.’
Decanter.com understands that Oddbins became aware of the claim by British Gas last night, and had initially believed claims could not be processed once a CVA had been announced.
Have your say!
James Tilbrook
March 28 10:46
Even so it is pretty pathetic of a multi billion pound utility to wind up a major retailer over such a small sum. Conversely it might indicate how dire Oddbins' finances are to be brought to it's knees but such a tiny amount. The straw that broke the camel's back. How did things get so bad? Was it the GFC or a much deeper rooted management issue, as some forums have suggested?
sad but cynical
March 25 19:44
“purely precautionary”… in the same way as when I drive into a brick wall the airbag inflates as a purely precautionary measure
gabriel tonka
March 25 19:41
£57.65? c'mon British Gas, my nan owes more than that.
Jim Budd
March 25 19:03
Clarification:
Although the debt listed against British Gas Business is only £57.65, I understand that this does not include estimates, which must put the debt owed to British Gas over the £750 minimum debt required to be able to apply for a winding up order.