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.
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.
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 |
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.