Gunns goes into liquidation

March 05, 2013 The Mercury

CREDITORS have voted to liquidate failed Tasmanian timber company Gunns. About 80 people owed money by the former timber giant attended a second creditors meeting in Launceston today, organised by administrator PBB Advisory. "The creditors resolved unanimously to wind up the Gunns group of companies," PPB's Daniel Bryant told reporters. Mr Bryant said PPB, now the liquidator, would examine whether recovery could include action against former directors. Creditors had been offered little choice after a detailed report from PPB released last week found they were unlikely to see any money. The report concluded Gunns has debts of about $3 billion and recommended liquidation. It said workers' entitlements, totalling about $10 million, would be paid.