Administration recommends winding up GSL
11 Administrators’ Opinion
the option of the administration ending is clearly not viable for the GS Group.
At this stage, as no DOCA proposal has been put forward for consideration, and no such proposal is pending to the best of our knowledge, this option falls away and cannot be considered.
The only remaining option available to creditors is to wind up each of the GS Group Companies.
Based on the above, it is therefore our opinion and recommendation that creditors should resolve that each of the GS Group Companies is wound up.
See Final Report for Great Southern Ltd
In the absence of a DOCA proposal, the winding up of each of the GS Group Companies must be considered by creditors. Given the nature, size and costs involved in determining the assets and potential recoveries in a liquidation scenario it is difficult to determine with any degree of certainty the likely level of return to unsecured creditors that would arise from liquidation.
Therefore, the Administrators’ opinion is that it is in the GS Group Companies creditors’ best interests for each of the GS Group Companies to be wound up and placed into liquidation.
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