Advisers, lawyers postpone Willmott Forests meeting

A Melbourne law firm has assisted financial planners in postponing a meeting of Willmott Forests grower investors after the administrator failed to properly notify grower investors.

The meeting was scheduled to be held on Wednesday this week, but according to Clarendon Lawyers director Mark Bland, the administrator, A. T. Fernandez, did not serve notices of the meeting to growers, only other creditors.

Bland said that left many growers unaware of the meeting, at which the administrator would either be retained or replaced and at which a committee of creditors would be formed.

Bland and fellow Clarendon director Dan Mackay said financial advisers had “rallied their grower clients” and fought to have the meeting adjourned until investors were able to be properly notified of the meeting.

Bland and Mackay said this was one example of the “critical ongoing role of advisers”.

“The efforts of certain financial planners to protect the value of their clients in [distressed investments] does credit to the financial planning industry,” the pair said.

Bland and Mackay said it is part of an adviser’s “ongoing obligation to actively seek to protect their clients’ interests in distressed investments and facilitate investors exercising their right to influence the management of their investments.”