Timbercorp Forestry Schemes

Company Name

Timbercorp Group of Companies (In Liquidation)

Type of Appointment

Creditors’ Voluntary Liquidation

Date of Appointment

23 Apr 2009

Appointees

Craig Shepard, Leanne Chesser, Mark Korda and Mark Mentha

Former Appointment Details

Liquidation: 29 June 2009

Appointment Contact

Timbercorp Hotline
T: +61 3 8623 3333

Relevant links
Creditors forms and information - Australia
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Purpose

The purpose of this page is to provide a central point of contact for the distribution of information to Grower Investors who have invested in the Forestry Schemes for which Timbercorp Securities Limited (In Liquidation) (“TSL”) acts as Responsible Entity (“RE”). The documents and information provided on this page will be updated on a regular basis. Grower Investors are urged to check this page in the first instance should they have any queries or would like an update as to the status of the Forestry Schemes.

Document downloads

Current Status

  • 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.

Distributions

  • 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
  • 091218-L-Distribution of Sale Proceeds(Amended)-CRS-HH
    379 KB

Register of Growers and Investments

Distribution Dates

Frequently Asked Questions

Tax Determinations

Court Proceedings - VID 497 of 2009 (Leases)

Court Proceedings - VID 541 of 2009 (Extension Application)

Court Proceedings - VID 595 of 2009 (Application for a Power of Sale)

Affidavits in Opposition

Application for Relief from Forfeiture - Plantation land limited

Application concerning plantation land limited settlement

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

Application concerning sale or recapitalisation process

Apportionment of Forestry Net Sale Proceeds betwen Growers

Application concerning Macquarie Bank Settlement

Media Releases

General Documents

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

Grower consultation meeting files

Meeting Documents