Two financial planners linked to accounting and advice firm Holt Norman Ashman Baker (HNAB) have been named as Timbercorp Finance's largest loan defaulters.
HNAB director Peter Holt and former HNAB director William Norman both owe Timbercorp Finance around $2.49 million.
Holt told InvestorDaily that no repayments have been made since Timbercorp went into voluntary administration in April this year.
"I was totally up to date on payments until this time, but I would like to know what is going to happen as opposed to throwing money in that may go to creditors," Holt said.
"They're trying to take assets that have accumulated over ten years, that were paying significant funds from harvests and they are not paying anything anymore."
Holt has no plans to pay the loans.
"Timbercorp Finance will have an uphill battle and they'll be fighting this out in court for ages and ages," he said.
Norman retired from his position at HNAB last week and was not available for comment.
Last week, Timbercorp Finance began court proceedings to recover around $15 million from investor growers who had defaulted on their loans from the company.
"Grower investors who borrowed from Timbercorp Finance have the same obligations to make loan repayments as they would if they had borrowed directly from a bank or other financial institution, irrespective of the performance of the underlying investment," KordaMentha partner and Timbercorp Finance liquidator Craig Shepard said.
In late June, Holt was one of the organisers of a meeting of investors that resulted in KordaMentha being ousted as the responsible entity of some of Timbercorp's avocado and mango schemes and replaced by Huntley Management.
"They seem very much aware that we've taken three of their projects and we are now in the throes of taking over another one," Holt said.
