Great Southern receivers McGrathNicol have called for expressions of interest for parties wishing buy the failed agribusiness company's plantation and horticulture assets or to replace the responsible entity (RE) for all 43 schemes.
"The RE is totally insolvent and, under current arrangements, there is no way forward for many of these schemes," McGrathNicol spokesperson Simon Read said.
"However, we have successfully secured support and limited funding to allow for an open, competitive process that maximises the potential for alternatives to be identified."
Great Southern action group Save My Trees chairman Rob Burns said the consortium of banks that includes Commonwealth Bank and ANZ must continue to support the maintenance of the projects until the process has been thoroughly implemented.
"There is the danger that the banks won't provide sufficient funds that will allow enough time to complete the process effectively," Burns said.
"It is important that the parties have access to data to make thorough preparations and it needs to be done quickly."
In a statement, McGrathNicol said it had already been in discussions with a number of interested parties.
"It is our view that a competitive process best serves the interests of both investors and creditors," Read said.
Burns agreed and said from the investor growers' perspective it would be best to have a number of parties expressing interest.
"I would like to see a search mechanism that actively seeks to identify participants, rather than just get expressions of interest," Burns said.
McGrathNicol said it hoped to identify parties interested in Great Southern assets or the RE roles by 30 September.
