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Timbercorp Forestry Schemes

Company Name

Timbercorp Group of Companies (In Liquidation)

Type of Appointment

Liquidation

Date of Appointment

23 April 2009

Appointees

Craig Shepard and Leanne Chesser and Mark Korda and Mark Mentha

Liquidation Profile

Liquidation: 29 June 2009

Download Documents

Current Status

Annual summaries for the year ended 30 June 2010 sent on 28 July 2010.

Sale of Assets

  • Following approval of the sale in the Supreme Court of Victoria, Timbercorp’s Forestry Assets were sold to Australian Bluegum Plantations (“ABP”).
  • On 17 December 2009, Justice Davies of the Supreme Court of Victoria gave orders approving the apportionment of Forestry Sale Proceeds and the allocation of costs between each of the Timbercorp Forestry Projects.
  • Over 200 property leases have been successfully assigned to ABP and the sale proceeds associated with these leases transferred to the grower distribution account.

Distribution

  • In December 2009, the first distribution of sale proceeds of $117m was made to Grower Investors.
  • In March 2010, a second distribution of sale proceeds to Growers of approximately $16 million commenced. This distribution was made up of retention amounts released following the successful assignment of previously unassigned leases.
  • The forestry sale incorporated a purchase price adjustment to the trees of $9 million. In order to receive this purchase price adjustment access to the Albany Port needed to be provided to ABP by 28 February 2010. Due to the Supreme Court of South Australia’s order that Timbercorp sell its share in the Albany Port to ITC the access agreement was not achieved.
  • It is anticipated that the final distribution of Forestry Sale Proceeds to Grower Investors will be made at the conclusion of court proceedings concerning the apportionment of proceeds from the sale of Olive Assets.
  • In May 2010, distributions were made relating to harvest proceeds for the 1997 Eucalypt Projects and 1998 Eucalypt Project (Early Planting). These are the only Eucalypt harvest proceeds to be distributed.
  • Where Grower Investors have loans outstanding with Timbercorp Finance Pty Ltd (In Liquidation) (‘Timbercorp Finance’), sale and harvest proceeds may be placed on hold pending a determination in relation to the competing claims to the proceeds by Grower Investors and Timbercorp Finance. Grower Investors may direct their proceeds that have been placed on hold to be applied against their outstanding loan balance. To enquire about this, Grower Investors should contact Timbercorp Grower Management on 1800 628 188.

Register of Growers and Investments

Which planting have I invested in? Open the following document (Register of Growers and Investments) and use the find function to search for your Grower ID to confim which project(s) and planting(s) you have invested in.

Distribution Dates

Distribution Date Distributed
Warren Hill Fire Distributions 22 October 2009
First Distribution - Proceeds from Sale of Forestry Assets for Grower Investors without any arrears or loan balance 18 December 2009
Second Distribution - Proceeds from Sale of Forestry Assets for Grower Investors without any arrears or loan balance 31 March 2010
1997 Timbercorp Eucalypt Project Early Single Rotation - Harvest Proceeds 25 May 2010
1997 Timbercorp Eucalypt Project Late Single Rotation – Harvest Proceeds 25 May 2010
1997 Timbercorp Eucalypt Project Late Double Rotation – Harvest Proceeds 25 May 2010
1998 Timbercorp Eucalypt Project Early Single Rotation – Harvest Proceeds 25 May 2010
GST Distribution – GST on proceeds distributed to Grower Investors in the First and Second Distributions of Proceeds from the Sale of Forestry Assets 25 June 2010
   

Application for Relief from Forfeiture - Plantation land limited

Affidavit of Bryan Webster 22 Sept 09

7973kb

Affidavit of CM Elliott (22 September 2009)

8256kb

Affidavit of Darren Shelden (9 October 2009)

61kb

Affidavit of Jonathan Ambler (12 October 2009)

23kb

Affidavit of Katherine Hill (9 October 2009)

86kb

Affidavit of Leon Zwier (1 October 2009)

58kb

Affidavit of Lucy Kirwan (9 Oct 2009)

1371kb

Affidavit of Mark Hamilton Pryn

196kb

Affidavit of Mark Korda (19 October 2009)

282kb

AFFIDAVIT OF Mark Korda (9 October 2009)

171kb

Amended Statement of Claim (12 October 2009)

94kb

Amended Statement of Claim (6 October 2009)

330kb

Amended Statement of Claim (8 October 2009)

63kb

Court Orders (2 October 2009)

21kb

Courtesty letter to WSR 131109_part_2

575kb

Defence (25 September 2009)

111kb

Exhibit BW-1

4025kb

Exhibit BW-16 to 27

1151kb

Exhibit BW-2

700kb

Exhibit BW-3

47kb

Exhibit BW-4

10240kb

Exhibit BW-5

349kb

Exhibit BW-6

6386kb

Exhibit BW-7

3138kb

Exhibit BW-8 Part 1

6084kb

Exhibit BW-8 Part 2

10240kb

Exhibit BW-8 Part 3

5101kb

Exhibit BW-8 Part 4

4454kb

Exhibit BW-8 Part 5

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Exhibit BW-8 Part 6

4600kb

Exhibit BW-8 Part 7

3520kb

Exhibit BW-8

29kb

EXHIBIT KMH-1

1199kb

EXHIBIT KMH-2

918kb

EXHIBIT KMH-3

1045kb

EXHIBIT KMH-4

905kb

EXHIBIT KMH-5

199kb

Exhibit LZ-1

198kb

Exhibit LZ-2 (cont 1)

2834kb

Exhibit LZ-2 (cont 2)

2723kb

Exhibit LZ-2

3682kb

Exhibit LZ-3

93kb

Exhibit LZ-4

2673kb

Exhibit MAK - 1

76kb

Exhibit MAK-10

170kb

Exhibit MAK-11

1316kb

Exhibit MAK-12

1418kb

Exhibit MAK-15

4029kb

Exhibit MAK-16

1122kb

Exhibit MAK-17

132kb

Exhibit MAK-18

165kb

Exhibit MAK-19

934kb

Exhibit MAK-2

202kb

Exhibit MAK-20

660kb

Exhibit MAK-3

838kb

Exhibit MAK-4

1536kb

Exhibit MAK-5

1545kb

Exhibit MAK-7

460kb

Exhibit MAK-8

120kb

First Defence Amended Statement of Claim (12 October 2009)

98kb

Interlocutory Application (22 September 2009)

169kb

Maddocks Letter (18 September 2009)

17kb

Memorandum of Proposed Consent Orders (22 September 2009)

62kb

Minute of Order (26 October 2009)

17kb

Minutes of the Court Order (2 October 2009)

21kb

Notice of Address for Service (23 September 2009)

268kb

Order to Transfer Action (25 September 2009)

118kb

Second Affidavit of Bryan Webster (9 October 2009)

373kb

Second Amended Statement of Claim (12 October 2009)

94kb

Second amended statement of claim (5 Oct 2009)

94kb

Statement of Claim (14 Sept 2009)

4494kb

Summons (14 September 2009)

210kb

Summons for Directions- 11 Sep 2009

35kb

Transcript of appeareance before PagoneJ(280909)

75kb

Transfer Notice to the Supreme Court of Victoria

41kb

Writ (11 September 2009)

2274kb

Application for Relief from Forfeiture - Timbercorp Ltd and Cadogan Estates Australia Pty Ltd

Grower consultation meetings

The Liquidators of the Timbercorp Group will hold meetings for forestry scheme growers to consider the future of the forestry schemes. The following meeting date has been scheduled:

Date: Friday 7 August 2009
Registration: 9:00am AEDT
Meeting Commences: 10:00am AEDT
Location: Etihad Stadium, Victory Room Level 1, Gate 9, Docklands Melbourne
Webcast: Available from
http://www.brr.com.au/event/59044/popup=true

 

The meeting is to be chaired by Mr Matt Walsh, Special Counsel for Gadens Lawyers.