Great Southern placed in receivershipMay 19, 2009 - 3:04PM...

Great Southern placed in receivershipMay 19, 2009 - 3:04PM
Receivers have been appointed to timber plantation and cattle project manager Great Southern Ltd.

Receivers McGrathNicol said on Tuesday that it had been appointed receiver of Great Southern and certain subsidiaries of the company by a security trustee on behalf of a group of secured creditors.

The appointment of receivers follows the decision by directors of Great Southern on May 16 to place the company into voluntary administration.

"Control of the business and assets of the receivership companies now rests with the receivers," McGrathNicol said.

"This includes Great Southern Managers Australia Ltd, the responsible entity for the various managed investment schemes (MIS) which the Great Southern group promoted and managed."

McGrathNicol partner Simon Read said the receivers would work closely with Great Southern management, the voluntary administrator and other stakeholders to confirm the current financial position of the companies in receivership, including the financial viability of each MIS.

"This is a complex matter, and we expect the review process to take some time," Mr Read said.

"Whilst we appreciate this is a difficult time for all stakeholders, we are placing a high priority on keeping investors, staff and other stakeholders updated with developments as we progress."

McGrathNicol said the existing sales process for Great Southern's cattle business would be maintained.

© 2009 AAP
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