Bruce Carter, George Georges and Darren Weaver were appointed Joint and Several Voluntary Administrators of SFM Australasia Pty Ltd and Timber Creek Pine Sawmill Pty Ltd on 25 March 2009 and subsequently as Joint and Several Liquidators of Timber Creek Pine Sawmill Pty Ltd on 8 July 2009 and SFM Australasia Pty Ltd on 9 September 2009.The Companies operated a sawmill on Kangaroo Island, South Australia, and held a number of land holdings and plantations in South Australia, Western Australia and New Zealand.
The Liquidators have realised all the company’s assets subject to the security arrangements detailed in the Administrators’ report prepared pursuant to Section 439A of the Corporations Act 2001 and will proceed to finalise the liquidations.Priority employee creditors have had their entitlements paid in full however, unfortunately, due to a shortfall to the secured creditors there will be no return to non-priority unsecured creditors.No action is currently required from creditors