Creditors liquidate former timber giant Gunns
ABC – 33 minutes ago.. .
Creditors of collapsed Tasmanian timber firm Gunns have voted to liquidate the company.
About 70 creditors voted for the move at a two-hour meeting in Launceston.
The move paves the way for all the company's assets to be liquidated and the proceeds distributed.
Gunns' former administrator, PPB Advisory, has been appointed liquidator, allowing it to further investigate its concerns the company may have been trading while insolvent.
Creditors are owed more than $750 million, but they have been told that only Gunns' banks will recover any of their money.
Today's turnout was far smaller than the first creditors meeting in October, which attracted hundreds of angry investors and creditors.
It took place across the road from Gunns' derelict former headquarters which has become overgrown with weeds.
The decision to liquidate comes 140 years after the company was established and five months after it went into receivership.
Conservation groups have called on the ANZ Bank to reveal what it plans to do with the permits for the proposed Tamar Valley pulp mill.
ANZ is the lead creditor for the collapsed timber giant.
Lucy Landon-Lane from the No Pulp Mill Alliance says it is up to ANZ to decide what happens with the divisive pulp mill project.
"This pulp mill will never have a social licence, it's never been adequately assessed in environmental and economic impacts on the economy," she said.
"It isn't something the community wants."
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