Law firm Slater & Gordon has edged closer to commencing a class action on behalf of investors in the failed agribusiness company Great Southern.

"We feel like we are coming close to being able to go to market with a proposal to go forward, but we are still seeking active registration of interest for victims of the Great Southern collapse," Slater & Gordon associate Ben Whitwell said.

Whitewell told InvestorDaily that while the firm hasn't commenced any action, it was investigating current avenues of recovery for investors.

"A good number of people have called us, but we are still looking for more people for a better picture of what is going on," Whitwell said.

Slater & Gordon was also examining the role of advisers who recommended the Great Southern investments, particularly whether remunerations were adequately disclosed to investors.

Great Southern investor action group Save My Trees was aware of the possible class action.

"I know that they're exploring the possibility of a class action. But that's detracting from what people should be focused on," Save My Trees chairman Rob Burns said.

"We're going to avoid court actions unless required."

Instead, Save My Trees has placed emphasis on lobbying the government so that it has an understanding of the issues and identifying an opportunity for replacing the current responsible entity Ferrier Hodgson.

However, Whitwell said Great Southern investors may need to look at the possibility of action.

"With collapses such as Westpoint and Fincorp, the investors generally need help in commencing proceedings," Whitwell said.