The Liquidators and Administrator of Cask 88 Trading Pte Ltd (in liquidation), Braeburn Whisky Pte Ltd (in liquidation), and Whisky Merchants Trading Ltd (in administration), have successfully completed the sale of key assets to Edinburgh Cask Management

(Resolution) Ltd. (ECMR).

The businesses ceased trading in April and since then insolvency practitioners have been working through the records to establish the location and ownership of casks.

WHAT THIS MEANS FOR INVESTORS

As part of this sale agreement, ECMR has committed to addressing the issues faced by customers who may have purchased casks from the companies but have not yet been located. They will replace these casks and offer trade-out options for better stock. Each offer will be tailored to the specific circumstances of individual customers, and ECMR will provide further details in due course.

Additionally, ECMR has agreed to take over cask management where applicable and will work with warehouse operators to resolve outstanding warehouse fees.

Warehousekeepers will enter into agreements to facilitate the transfer of casks to their rightful owners.

ABOUT THE COLLAPSE

Whisky Merchants Trading Ltd (based in Scotland), Cask 88 Trading Pte Ltd, and Braeburn Whisky Pte Ltd (both based in Singapore) collapsed into insolvency between April and May 2025 after concerns emerged over:

• Lack of legal title for many investors

• Duplicate or missing cask registrations

• Unpaid storage fees

• Offshore structuring that confused accountability

An estimated £80 million in investor funds were raised across the brands, leaving thousands of global customers uncertain of their asset ownership.

ROLE OF GRIFFINS & LSS GROUP

Stephen Hunt of Griffns was appointed as Administrator of Whisky Merchants Trading Ltd on 2 May 2025 and has since coordinated with stakeholders to stabilise the situation and protect cask assets. Griffins appointed LSS Group to oversee title verification, warehouse engagement, and investor communication.

“Credit should be given to Andy Merricks of LSS Group for his hard work on this project. We have been working closely with ECMR for some months to put this deal together which we hope gives investors the chance to recover what they were promised, while preserving warehouse integrity and promoting market transparency.”

— Stephen Hunt, Administrator, Griffins

MOVING FORWARD: DELIVERY ORDERS TO RESUME

With the agreement completed today, the suspension on delivery order processing is expected to be lifted soon. ECMR will begin issuing legally binding delivery orders for verified cask owners—ensuring they gain proper legal title and full access to their casks.

GRIFFINS, KORDAMENTHA, LSS GROUP, AND LEGAL TEAMS

Cameron Lindsay Duncan and David Dong-Won Kim of KordaMentha in Singapore are the Liquidators of Cask 88 Trading Pte Ltd (in liquidation) and Braeburn Whisky Pte Ltd (in liquidation).

Sarah Letson of DLA Piper was instructed by Griffns to advise on the asset sale and legal structuring of the agreement with ECMR.

BlackOak LLC, a Singapore-based law firm, acted for the Liquidators in providing legal guidance on cross-border insolvency coordination and regulatory compliance.

“This agreement is the result of extensive cooperation between insolvency professionals and legal counsel across multiple  jurisdictions. It offers a fair and structured solution to protect investors and warehouses alike.”

— Stephen Hunt, Administrator, Griffins

RESTORING MARKET CONFIDENCE

This agreement represents one of the most comprehensive recovery actions in the whisky cask investment space to date. It aims to:

• Return legal control of casks to verified owners

• Minimise creditor exposure

• Resolve unpaid liabilities with warehouses

• Rebuild investor trust in the Scotch whisky market

“With Griffins’ leadership, legal clarity from DLA Piper and BlackOak, and the operational commitment of ECMR, this collaboration sets a new precedent for recovery and restitution in the cask investment market.”

— LSS Group Spokesperson