GREAT SOUTHERN COMPANIES PLACED IN LIQUIDATION
19 November 2009
This afternoon creditors voted to place the majority of companies in the Great Southern group into liquidation. Ferrier Hodgson partners, Martin Jones, Darren Weaver, Andrew Saker and James Stewart have been appointed joint liquidators.
Of the 35 companies in the Great Southern group, 27 have been placed in liquidation, including the Responsible Entity, Great Southern Managers Australia Limited. The vote on the future of the remaining eight companies was adjourned and will be addressed at a subsequent round of meetings in Perth on December 3.
There were about 213 people present at the second meeting of Great Southern creditors held in Melbourne this afternoon. They represented the interests of over 1,000 creditors.
The vote to liquidate the companies was carried by voters representing $268 million in value, defeating voters representing $20 million in value.
Mr Jones, who as Administrator chaired the meeting, said that as Liquidator he would have expanded powers of investigation.
“The move to liquidation is a direct result of there being no realistic alternative solution in the form of a Deed of Company Arrangement,” he said. “The Receiver and Managers, who represent the interests of the banks, will continue to manage the day-to-day operations of the Great Southern companies.”
“Our role now will be to continue the investigations into those areas requiring further examination as highlighted in our recent report to creditors.”
ENDS