Oddbins has applied to go into administration ahead of the creditors meeting on the 31st of March. At the meeting a vote will be held on the CVA proposal that is seen as vital to secure its future.

So why has it applied to go into administration? 

Well, once a "notice of intention to appoint administrators" is made then a moratorium is placed around the company that can protect it from aggressive creditors for 10 days.  It is likely, in this case, that a winding up petition has been issued or threatened and it has been used as a tactic to stop the publication of the petition.  If the petition was published then the bank would most certainly freeze the company's accounts and the directors would lose control.

Yet again it shows that if a threat of a winding up petition is made then you have to act quickly!