A CREDITORS meeting was held today for people and businesses owed up to $2.8 million after the collapse of Littore Packers.
Receivers Pitcher Partners were appointed to liquidate the Buronga business earlier this month.Liquidator Andrew Yeo said the hour-long meeting of about 15 creditors resolved to wind up the company which ceased trading late last year.
Mr Yeo said it was still early days in the process.
Pitcher Partners had a list of 231 potential creditors, most of them growers, that it would have to check to see whether or not they were owed money.
''The secured creditor, the bank, is owed just under $1.5 million and our rough estimate of unsecured creditors, which incorporates mainly growers, is about $1.3 million,'' he said.
''There might be another meeting of creditors in just over a year's time . . . (in the meantime) we'll be going through a process of realising the assets.''
This would involve selling the packing line from the Littore Packers shed, but not the land on which it stands.
Mr Yeo said he was hopeful of returning some money to creditors.
''But given the numbers at the moment, the majority of that, if not all of it, will likely go to the bank rather than the growers,'' he said.
Mr Yeo said some of the creditors at the meeting had expressed surprise, but the majority had suspected the company was in financial trouble.
Afterwards, director Michael Littore, whose father, Mario, established the business in 1988, said he was disappointed that it had ended so badly.
