LAWYERS acting for the liquidators of Timbercorp Finance have started legal action to recover money from investor-growers who have defaulted on their loans.
Timbercorp Finance is one of 41 companies within the Timbercorp group, which Timbercorp creditors and investor-growers in Timbercorp’s managed investment schemes voted earlier this week to place into liquidation.
Agricultural projects manager Timbercorp was placed in the hands of administrators – now liquidators – KordaMentha in April after it ran out of money to keep trading.
Liquidator Mark Korda told creditors and investor-growers this week that Timbercorp had debts of at least $980 million, including $661 million owed to secured creditors, $14 million to unsecured creditors, $5 million to employees in entitlements and $300 million in other loans and debt notes.
For more of this story, purchase your copy of Saturday’s Sunraysia Daily 04/07/2009.