TIMBERCORP investors will be back in the Supreme Court of Victoria on December 15.

They will be seeking approval to continue their class action against the failed company's former directors Robert Hance, Sol Rabinowicz and Gary Lidell.

Macpherson and Kelley lawyer Ron Willemsen said writs had been served on the directors of the managed investment scheme accusing them of engaging in misleading and deceptive conduct.

The case went to a directions hearing on October 30, which resulted in the court agreeing to hear further argument on the case in December.

Mr Willemsen said the company was also preparing a class action on behalf of investors in the failed Great Southern MIS operators, which raised more than $2.2 billion from 52,000 investors.

He said action had been delayed while Great Southern investors waited to see what action if any the Bendigo and Adelaide Bank took against them. About 8200 Great Southern investors owe the bank about $550 million.