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Timber Tech winds up

Posted on November 26, 2009, 8:08am

Only one creditor of the liquidated Mount Gambier forestry-related company Timber Tech Engineering, turned up at a creditors’ meeting held in Adelaide on Tuesday.

Liquidators Freer Parker and Associates held an annual general meeting for creditors to disclose how the winding up has been conducted and how the property of Timber Tech has been disposed of in the past year.

Numerous unsecured creditors were given no hope of receiving dividends after the Commercial Street West company went into voluntary receivership in April last year with debts totalling $9m.

Liquidator Michael O’Flaherty told The Border Watch yesterday that creditors have lost interest.

“It is not out of the ordinary for creditors not to turn up for meetings when there are no dividends for them,” he said.

“They lose interest and get on with their lives.”

Mr O’Flaherty said the meeting did not go ahead, but he did explain the winding up process to the single creditor who turned up.

Costing errors forced Timber Tech into voluntary receivership, after which it was placed in liquidation.

Creditors expressed their disappointment to The Border Watch at the time, saying they were not forewarned and only found out through gossip.

Some of the creditors were struck hard a few months later when they lost money money again through the collapse of Orcades Engineering.

Timber Tech was renamed De Bruin Engineering when it was sold to the De Bruin Group in August last year.

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