A McWilliam's creditor has appointed receivers in a bid to protect their investment in the storied winery.
Margaret River Wine Production chairman Peter Fogarty appointed McGrathNicol in a bid to protect his investment in McWilliam's.
In 2019, Margaret River Wine Production was part of a $15.8 million recapitalisation deal.
That deal was aimed at helping McWilliam's reach "the next level" and would provide the winemaker's working capital.
McWilliam's went into voluntary administration in January, earlier this week, KPMG administrators began a sale process for the business.
Interested parties have until March 31 to submit an expression of interest in all, or parts of the McWilliam's business.
In a statement to the Australian Financial Review McGarthNicol said Mr Fogarty and other creditors were concerned about the length of time the sale would take.
"The receivers intend to work with the administrators to ensure that any sale or recapitalisation process is conducted efficiently, on an appropriate timeline and to ensure McWilliam's trading performance is optimised during this process so as to minimise the erosion of value with a view to maximising recoveries across the group,'' the statement read.
As well as running a sale process KPMG administrators are continuing with the 2020 vintage.
"We intend to work closely with the receivers to ensure there is no impact to the sale process and operations, in particular the 2020 vintage," KPMG restructuring services partner Gayle Dickerson said.
"The administrators will continue meet all commercial arrangements and financial commitments made," she said.
"The formal sale process kicked off last week and we continue to receive strong interest, with expressions of interest closing 31 March."