Creditors of the failed gold mining giant Sons of Gwalia have accepted the administrators' deeds of company arrangement, which will seek to resurrect the company rather than wind it up.
Administrators Ferrier Hodgson have issued writs claiming founders Peter and Chris Lalor failed to report the company's true financial position prior to the company's $1 billion collapse.
Lawyer Bruce Dennis, who represents nearly 900 shareholders who have collectively lost $35 million, says there are signs of hope that his clients will get some of their money back.
A spokesman for administrator Ferrier Hodgson says a decision on the shareholders' status could be made next month, but could be subject to appeal.
"The major creditor group want to resolve the degree to which shareholders are going to share in the available assets, if they are at all, before they make decisions about taking the matter forward," the spokesman said.
A test case to see whether shareholders can be treated as creditors is being heard in the Federal Court and Mr Dennis says there is an overseas precedent.
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