Great Southern liquidators wind-up grape investment scheme
The liquidators of Great Southern, McGrathNicol, have advised investors that they can no longer provide funding for the maintenance of the agribusiness’ grape assets and has recommended that the scheme be wound up.
McGrathNicol also warned that there may not be any return from the scheme for investors, and they are currently unable to estimate any returns.
McGrathNicol found that the vineyards were not economically viable in the current market, and irreversible damage to the crop was occurring due to their inability to maintain funding for the orchard.
The vineyards will require approximately $7.8 million to produce a 2010 harvest, however, most of the produce would not be viable, McGrathNicol said.
Funding to maintain the schemes ceased on September 30.
The liquidators received no offers for replacement of the responsible entity, despite a search for a replacement.
AUTHOR
Benjamin Levy
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