UP to 10,000 Timbercorp investors stand to lose $600 million when the Supreme Court is asked to consider winding up the company.
The Herald Sun reports that Timbercorp administrator Mark Korda will lodge papers asking a judge to decide whether it is proper to bring forward a wind-up application of Timbercorp's 13 almond projects and 11 olive ventures sold to investors over the past six years.Last night Mr Korda described the company as "hopelessly insolvent".
"Timbercorp has no money and no access to any more money," Mr Korda said. "It has no assets, no staff and no infrastructure, and is not in a financial position to generate more funds."
That means there is no money left to run the ventures at Robinvale and Boort in northern Victoria, which Mr Korda estimates would require at least $300 million to keep going for just the next year.
Read more on the Herald Sun online.
