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Seedrs' success Vini Italiani crashes out with a pre pack and debts to its traders of £650k.
Vini funded 3 times on Seedrs - a total of £670k invested. At the end of last year they gave up and called in the Admin Boys. But not before one of them had set up a newco, B Wines, to phoenix the company's assets whilst off loading its tiresome creditors.
You cant really blame the system - those are the rules. Under normal conditions and with a working moral compass, these pre packs can work out to the benefit of creditors. But when you leave trade creditors with outstanding debts of around £700k, one has to question the logic, let alone the morality. The current rules cannot cope with the 21stC.
Hardman and Co’s Brian Moretta in conversation with ECF Buzz Founder Rob Murray Brown on start up investing, equity crowdfunding and what’s a good read.