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Great Southern Limited

Appointment Type: Voluntary Administration

Appointment Date: 16/05/2009

ACN: 052 046 536


Appointee(s):
Martin Jones, Andrew Saker, Darren Weaver, James Stewart

Office: Perth

Case Contact: GSL Hotline

Phone: 1800 258 348


Background Information:

Martin Jones, Andrew Saker, Darren Weaver and James Stewart were appointed as Joint and Several Administrators of Great Southern Limited and 34 of its subsidiary companies (collectively “the GS Group”) on 16 May 2009 pursuant to section 436A of the Corporations Act 2001. Creditors ratified their appointment as Administrators at the first meeting of creditors held on 27 May 2009 and a Committee of Creditors was formed for each of Great Southern Limited, Great Southern Managers Australia Limited and GSPT Debenture Holdings Pty Ltd.

On 18 May 2009 Simon Read, James Thackray, Anthony McGrath and Colin Nicol of McGrath Nicol were appointed as Receivers & Managers over a number of entities within the GS Group.

An overview of the consolidated business and operations is available by referring to the Administrators report on our website. A further overview of each individual GS Group company has also been provided within Annexures 3 to 37 of the Administrators report.

Current Status and Actions Required by Creditors:

The second meeting of creditors of the GS group was held on Thursday, 19 November 2009 in Melbourne. The main purpose of this meeting was:

1. To provide to creditors a statement about the GS Group’s business, property, affairs and financial circumstances.

2. For creditors to resolve in respect of each of the GS Group companies:
  a) that the company be wound up; or
  b) that the administration should end; or
  c) that the meeting be adjourned for a period not exceeding 45 business days.

3. For creditors to resolve in respect of each of the GS Group companies:
  a) That the remuneration of the Joint and Several Administrators be fixed; and
  b) If the company is to be wound up, that a Committee of Inspection be appointed;

4. Any other business that may be lawfully brought forward.

The outcome of the second creditors meeting was that 27 GS Group companies were placed into liquidation, the meetings of 2 GS Group companies were adjourned for a period not to exceed 45 business days, and the remaining 6 GS Group companies did not have a quorum present. For those companies that did not have a quorum present, the second creditors meetings were adjourned and will be reconvened to be held on Thursday, 3 December 2009.

For further details in relation to the outcome of the second creditors meetings, including the appointment of Committees of Inspection and Committees of Creditors for a number of entities, please refer to our Circular to Creditors dated 25 November 2009, available from our website.

Next Milestone and Estimated Timetable:

The below companies within the GS Group did not have a quorum present at the second creditors meeting held on 19 November 2009 and accordingly the meetings of these companies have been reconvened to be held at 9.00am (WST) on Thursday, 3 December 2009 at the offices of Ferrier Hodgson, Level 26, BankWest Tower, 108 St Georges Terrace, Perth.

Name of entity ACN
Great Southern Olive Processing Pty Ltd 128 547 437
Great Southern Plantations Holdings Pty Ltd 132 912 184
Great Southern Plantations Pty Ltd 121 566 649
Great Southern Timber Pty Ltd 009 432 955
Sylvatech Finance Pty Ltd 112 280 609
Sylvatech Securities Limited 100 797 475

Likely Outcome for Creditors and Timetable:

At this stage, we have yet to determine the value of any dividends that may be available to unsecured creditors of GS Group companies in relation to their pre-appointment liabilities and this will ultimately be dependent upon the realisation of the GS Group companies’ assets. For this reason, we do not at present intend to formally call for proofs of debt from creditors however we will advise of any change in this position.

Documents available for download:

document type iconList of Authorities
521 KB

Published: 12/03/2010

document type iconSubmissions in Support of the Application
4617 KB

Published: 12/03/2010

document type iconGSMAL/GSOH/GSOC Application - Originating Process
1447 KB

Published: 10/03/2010

document type iconGSMAL/GSOH/GSOC - Affidavit of Andrew John Saker - Volume 1 of 2
9015 KB

Published: 10/03/2010

document type iconGSMAL/GSOC/GSOH Affidavit of Andrew John Saker Volume 2 of 2 Part A-AJS 12-17
7057 KB

Published: 10/03/2010

document type iconGSMAL/GSOC/GSOH Affidavit of Andrew John Saker Volume 2 of 2 Part B- AJS 18-36
5087 KB

Published: 10/03/2010

document type iconGSI Reconvened 2nd Creditors Meeting Report
287 KB

Published: 21/01/2010

document type iconGSTH Reconvened 2nd Creditors Meeting Report
386 KB

Published: 20/01/2010

document type iconMinutes of 2nd Meeting of Creditors
431 KB

Published: 04/12/2009

document type iconCircular to Creditors
79 KB

Published: 24/11/2009

document type iconSecond Creditors Meeting Webcast Notice
163 KB

Published: 16/11/2009

document type iconNotice of Meeting
40 KB

Published: 10/11/2009

document type iconCirculars to Creditors
136 KB

Published: 10/11/2009

document type iconAdministrators Report
1395 KB

Published: 10/11/2009

document type iconAdministrators Report Annexures
2381 KB

Published: 10/11/2009

document type iconAdministrators Report Annexure 38
1033 KB

Published: 10/11/2009

document type iconAdministrators Report Annexure 39
65 KB

Published: 10/11/2009

document type iconCircular to Investors
1767 KB

Published: 06/10/2009

document type iconCircular to Creditors – Court Order – Extension of Convening Period for 2nd Creditors Meeting
190 KB

Published: 08/09/2009

document type iconFH Press Release: GSL - ADMINISTRATORS GRANTED EXTENSION
21 KB

Published: 03/09/2009

document type iconCircular to creditors regarding 439A report
253 KB

Published: 22/07/2009

document type iconCommittee of Creditors - Meeting minutes
50 KB

Published: 10/07/2009

document type iconGSL convening period notice of extension
377 KB

Published: 16/06/2009

document type iconGSL Administration Bulletin Number 3
117 KB

Published: 16/06/2009

document type iconGSL NEW FREQUENTLY ASKED QUESTIONS
58 KB

Published: 15/06/2009

document type iconGSL frequently asked questions
222 KB

Published: 15/06/2009

document type iconMinutes of 1st Meeting of Creditors
638 KB

Published: 11/06/2009

document type iconAdministration Bulletin No. 2
131 KB

Published: 03/06/2009

document type icon1st Meeting of Creditors Presentation
562 KB

Published: 27/05/2009

document type iconAdministration Bulletin No. 1
109 KB

Published: 26/05/2009

document type iconNotice of Webcast Facility for First Creditors Meeting
101 KB

Published: 22/05/2009

document type iconNotice to Transferrable Reset Exchangeable Securities 3
445 KB

Published: 22/05/2009

document type iconGSL - Frequently Asked Questions
173 KB

Published: 22/05/2009

document type iconNotice to Transferrable Reset Exchangeable Securities 2
381 KB

Published: 22/05/2009

document type iconGSL - ASX Announcement
109 KB

Published: 18/05/2009

document type iconCircular to Creditors
457 KB

Published: 17/05/2009

document type iconCircular to Employees
377 KB

Published: 17/05/2009

document type iconCircular to Investors
338 KB

Published: 17/05/2009

document type iconCircular to Shareholders
111 KB

Published: 17/05/2009

document type iconFerrier Hodgson Press Release - GREAT SOUTHERN
21 KB

Published: 17/05/2009

 
Phone:
+61 8 9214 1444
Fax:
+61 8 9214 1400
Email:
asaker@perth.fh.com.au