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

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Affidavit of CM Elliott (22 September 2009)

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Affidavit of Darren Shelden (9 October 2009)

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Affidavit of Jonathan Ambler (12 October 2009)

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Affidavit of Katherine Hill (9 October 2009)

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Affidavit of Leon Zwier (1 October 2009)

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Affidavit of Lucy Kirwan (9 Oct 2009)

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Affidavit of Mark Hamilton Pryn

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Affidavit of Mark Korda (19 October 2009)

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AFFIDAVIT OF Mark Korda (9 October 2009)

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Amended Statement of Claim (12 October 2009)

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Amended Statement of Claim (6 October 2009)

330kb

Amended Statement of Claim (8 October 2009)

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Court Orders (2 October 2009)

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Courtesty letter to WSR 131109_part_2

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Defence (25 September 2009)

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Exhibit BW-1

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Exhibit BW-16 to 27

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Exhibit BW-2

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Exhibit BW-3

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Exhibit BW-4

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Exhibit BW-5

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Exhibit BW-6

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Exhibit BW-7

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Exhibit BW-8 Part 1

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Exhibit BW-8 Part 2

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Exhibit BW-8 Part 3

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Exhibit BW-8 Part 4

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Exhibit BW-8 Part 5

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Exhibit BW-8 Part 6

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Exhibit BW-8 Part 7

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Exhibit BW-8

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EXHIBIT KMH-1

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EXHIBIT KMH-2

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EXHIBIT KMH-3

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EXHIBIT KMH-4

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EXHIBIT KMH-5

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Exhibit LZ-1

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Exhibit LZ-2 (cont 1)

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Exhibit LZ-2 (cont 2)

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Exhibit LZ-2

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Exhibit LZ-3

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Exhibit LZ-4

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Exhibit MAK - 1

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Exhibit MAK-10

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Exhibit MAK-11

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Exhibit MAK-12

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Exhibit MAK-15

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Exhibit MAK-16

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Exhibit MAK-17

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Exhibit MAK-18

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Exhibit MAK-19

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Exhibit MAK-2

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Exhibit MAK-20

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Exhibit MAK-3

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Exhibit MAK-4

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Exhibit MAK-5

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Exhibit MAK-7

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Exhibit MAK-8

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First Defence Amended Statement of Claim (12 October 2009)

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Interlocutory Application (22 September 2009)

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Maddocks Letter (18 September 2009)

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Memorandum of Proposed Consent Orders (22 September 2009)

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Minute of Order (26 October 2009)

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Minutes of the Court Order (2 October 2009)

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Notice of Address for Service (23 September 2009)

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Order to Transfer Action (25 September 2009)

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Second Affidavit of Bryan Webster (9 October 2009)

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Second Amended Statement of Claim (12 October 2009)

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Second amended statement of claim (5 Oct 2009)

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Statement of Claim (14 Sept 2009)

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Summons (14 September 2009)

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Summons for Directions- 11 Sep 2009

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Transcript of appeareance before PagoneJ(280909)

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Transfer Notice to the Supreme Court of Victoria

41kb

Writ (11 September 2009)

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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.