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Liquidators closer to Great Southern action

THE liquidator of Great Southern is a step closer to bringing legal action against the failed agribusiness group after striking a deal with a listed litigation funding company to fund potential court proceedings, according to The Australian Financial Review .

Hillcrest Litigation Services (HLS) told the Australian Securities zexchange (ASX) that it had entered into a funding agreement with Ferrier Hodgson to allow the liquidator to complete its investigations into Great Southern, which buckled in May 2009 under more than $800 million of debt, and potentially fund legal actions to recovery funds for investors.

“HLS has agreed to provide funding to enable the liquidators to complete their investigations into certain aspects of the affairs of the companies and thereafter to pursue any recovery actions as appropriate,” the company said in a statement.

About 43,000 investors and 12,000 shareholders of Great Southern were left billions of dollard out of pocket after the failure of the one-time agribusiness heavyweight in 2009.

In a report into Great Southern’s affairs, released in November 2009, Ferrier Hodgson appeared to rule out pursuing the directors for trading while insolvent but said it would continue to investigate several transactions, including Project Transform, the plan that involved grower-investors swapping cattle scheme lots for shares in the ASX-listed parent company.

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