The administrators of failed Tasmanian forest products company Gunns Limited may have diverted funds and insurance premiums to company accounts. A report to creditors by administrator PPB Advisory has recommended that the company be put into liquidation with total debts of AUD 3 billion. It appears that Gunns may have been insolvent from as early as March 2012, when New Zealand billionaire Richard Chandler withdrew from a proposed AUD 150 million investment. A liquidator would be able to investigate the possibility of insolvent trading. The company went into administration in September 2012 after its lenders declined to allow AUD 3.9 million from asset sales to be used for working capital.
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