Victorian wine producer, Scotchmans Hill Group has entered into voluntary administration.
The group which operates a winery near Drysdale, and another at Waurn Ponds was due to host the Day on the Green concert in November featuring popular music act Fleetwood Mac, however a spokesperson for the concert says that the concert will still go ahead.
Insolvency group, Ferrier Hodgson will conduct the administration with accounting firm, PwC appointed as receiver, The Geelong Advertiser reports.
Kate Warrick of PwC said that the business will continue to operate while the sales process is undertaken.
The exact dollar amount that the Scotchmans Hill Group owes - and to which creditors - has not yet been disclosed, however Ferrier Hodgson will be organising a meeting with creditors at the Mercure Hotel mid next week.
Scotchmans Hill is a family owned vineyard and winery on the Bellarine Peninsula in Victoria. Established in 1985, the winery became known around the country for its complex and elegant wines.
The group took over Pettavel Winery late last year, using it as site for their existing range of Scotchman Hill wines. The Pettavel winery had been closed since 2011 after entering into receivership with debts reported to be around $16.5m.