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Slater and Gordon investigate actions against Timbercorp and Great Southern

Slater and Gordon investigate actions against Timbercorp and Great Southern

Slater and Gordon are investigating options available to recover money lost by investors in Great Southern and Timbercorp, associate Ben Whitwell told Lawyers Weekly today.The collapse of the…

Slater and Gordon are investigating options available to recover money lost by investors in Great Southern and Timbercorp, associate Ben Whitwell told Lawyers Weekly today.

The collapse of the country's two biggest managed investments schemes (MIS) occurred in April, but the total amount lost is still being ascertained, said Whitwell.

"The second meeting of creditors isn't taking place until September, which is the best time to ascertain losses as a whole," he said.

Investigations are being conducted into the directors, officers and financial advisors who sold the product and professionals who gave advice to companies.

A 10 per cent upfront commission was offered to some advisers selling the products of the MIS companies. A lawsuit against financial advice company Professional Investment Services and other companies, which Whitwell declined to name, was an option being considered, he said.

"We recommend people continue to register their interest with us. The more people that register, the bigger picture that we can paint and determine where recovery is most likely [to be] available to the investors who suffered loss," he said.

Whitwell declined to reveal how many investors had already registered with the firm.

- Sarah Sharples

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