Online wine sales: Héraclès (1855.com) remains under observation and receivership protection

Friday April 18 2014 by Vitisphere

Having asked to be put into receivership last October ("to draw up an equitable management plan for those customers still awaiting their Bordeaux en primeur (futures) orders"), the Hérculès group (1855.com, chateauonline.fr, Cave Privée and Caves de la Transat) was immediately placed under a period of observation by the Commercial Court of Paris. After six months under official receivership with Gérard Philippot as administrator  (and Stéphane Gorrias of SCP BTSG as legal representative), this period of observation has been extended by a further six weeks. It did not therefore end on 7 April and has been extended to 15 May. As it remains under the receivership protection of the Commercial Court in Paris, the Hérculès group still cannot be sued by its creditors, even though legal action was taken before insolvency proceedings were initiated. This of course affects the unfulfilled Bordeaux en primeur (futures) orders in particular, which were the subject of penalty claims against 1855.com last year (legal rulings are also frozen during the period of observation). The Hérculès group stopped selling Bordeaux en primeur on its1855 and chateauonline sites in March 2013.

Legally, the initial period of observation may not be shorter than six months, renewable for 18 months maximum. This phase should allow time for the completion of an economic and social audit of the company, while it continues to operate.

 

 

[Source: Vitisphere; Illustration: stamp of the Registry of the Commercial Court of Paris]

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