On 16th May 2009, Martin Jones, Andrew Saker, Darren Weaver and James Stewart were appointed Joint and Several Administrators of the Great Southern Group pursuant to Section 436A of the Corporations Act 2001 (“the Act”).
Subsequently, on 18 May 2009 Simon Read, James Thackray, Tony McGrath and Colin Nicol of McGrathNicol were appointed Receivers and Managers (“Receivers”) of Great Southern Limited (“Great Southern”) and certain subsidiaries of Great Southern (“the Receivership companies”) by a Security Trustee on behalf of a group of secured creditors.
Control of the business and assets of the Receivership companies now rests with the Receivers. This includes Great Southern Managers Australia Limited (“GSMAL”), the responsible entity for the various Managed Investment Schemes (“Schemes”) which the Great Southern Group promoted and managed.
The Receivers understand that investors will be concerned to understand their own positions as soon as possible. A team is presently working to confirm the current financial position of the Receivership companies, including the financial viability of each Scheme. In doing so, the Receivers are working in close co-operation with the Voluntary Administrator and the Great Southern management.
Further updates to investors will be provided in due course and as they become available will be provided on this website. The Great Southern Group’s existing toll free number (1800 258 348) can also be used for individual investor questions. As you will understand, at present our ability to comment meaningfully on individual positions is limited. However, we would encourage investors to contact our team on that number to provide or confirm your contact details, including email addresses, so that we may provide further updates as efficiently as possible.
Information provided to date by both the Receivers and Administrators are available on the Great Southern website and we encourage you to read these documents.
This is a complex matter and we appreciate your patience at this difficult time.