FEA is an ASX-listed forestry and forest products company formed in 1985 that operates across the timber processing and agribusiness industries.
Deloitte partners Tim Norman and Sal Algeri have been appointed as Receivers and Managers of Forest Enterprises Australia Limited (FEA) (ASX Code: (FEA)) and wholly owned subsidiary FEA Carbon Pty Ltd (FEAC) on 14 April 2010.
Mr Norman and Mr Algeri have also been appointed as 'agents for the mortgagee in possession' of Tasmanian Plantations Pty Ltd (TP), another wholly owned property holding subsidiary of FEA all on 14 April 2010.
FEA Plantations Limited (FEAP) entered voluntary administration on 14 April 2010 and is controlled by BRI Ferrier. FEAP is a 100% owned subsidiary of FEA and is the responsible entity for the 17 forestry Managed Investment Schemes (MIS).
Update to Creditors and Growers - 25 June 2013
Section 445F Meetings of Creditors for Forest Enterprises Australia Limited (Receivers and Managers Appointed) (Subject to Deed of Company Arrangement) and FEA Plantations Limited (Receivers Appointed) (Subject to Deed of Company Arrangement) to be held on Friday 28 June 2013.
1. S.445F Report to Creditors and Growers 18 June 2013
2. FEA – proposed Varied Deed of Company Arrangement June 2013
3. FEAP - proposed Varied Deed of Company Arrangement June 2013
New Court Application – September 2011
Mr Norman and Mr Algeri, as Receivers and Managers of FEA and FEAC (and controllers of TP) have brought a proceeding in the Supreme Court of Victoria (the Declarations Proceeding) in order to seek declarations that any head leases, forestry rights, Grower Leases or other interests granted in respect of land that is owned by TP, FEA or FEAC are at an end, and that the Receivers and Managers are able to sell the land unencumbered by those interests.
FEAP, in the hands of its Deed Administrators, is a defendant in the proceeding and is opposing those declarations.
The Declarations Proceeding will affect the interests of Growers who have an interest in any Scheme in respect of land that is owned by Tasmanian Plantation, FEA or FEA Carbon. Two representative defendants, who are Growers themselves, have been joined to the proceeding in order to represent the interests of Growers.
On 9 November 2012, the Court ordered the Receivers and Managers and FEAP to take steps to publish a Notice to Growers in relation to the Declarations Proceeding and the appointment of the representative defendants.
The Notice to Growers is an important document for Growers. It contains information for Growers about the issues in the Declarations Proceeding, how it will affect their interests, steps that they might wish to take prior to 14 December 2012 and how they may contact either the representative defendants or the Court in relation to the Declarations Proceeding.
Links to the Notice to Growers and to the key court documents from the Declarations Proceeding are provided below. Before accessing those links, you must read the statement below. Accessing those links indicates your acceptance of the following statement:
You must be a creditor or Managed Investment Schemes (MIS) member (or a professional advisor to a creditor or member) in relation to the Forest Enterprises Australia (FEA) group in order to receive the information about the insolvencies accessed via the links below.
By accessing either of the links below, you declare that you are a creditor or MIS member of a company within the FEA group (or a professional advisor thereto) and agree not to communicate any information contained on the linked webpages or documents to any person other than another creditor or MIS member without the express written consent of Deloitte Touche Tohmatsu or unless otherwise compelled by law.
By accessing any of the links below, you also agree to indemnify Deloitte Touche Tohmatsu in respect of any liability to which they are exposed if your declaration is false and as a consequence of that falsity.
For additional information, Growers may also wish to view the key court documents in the Declarations Proceeding.
High Court application
On 9 March 2012, the High Court rejected an application brought by FEAP (at the instigation of its Deed Administrators, BRI Ferrier) for special leave to appeal against the judgment of the Full Federal Court in favour of the Receivers and Managers of FEA and its associated entities.
The judgment of the Full Federal Court found that FEAP was not entitled to set-off amounts totalling $11 million against rent owing by FEAP to FEA.
FEAP has also been ordered to pay the Receivers and Managers' costs in respect of each of the proceeding before the primary Judge, the appeal in the Full Federal Court and the application for special leave to the High Court, and recovery of those costs orders is being pursued.
Relief from lodgement of financial accounts
ASIC has relieved Forest Enterprises Australia Limited (Subject to Deed of Company Arrangement)(Receivers and Managers Appointed)(‘Company’) from certain provisions of Part 2M.3 of the Corporations Act to lodge financial reports for the financial years and half-years from 31 December 2009 up to and including those ending during the deferral period. The deferral period ends on the earlier of 15 July 2019 or the date that the Company ceases to be under external administration
Extension of AGM relief
ASIC has extended the time within which Forest Enterprises Australia Limited (Subject to Deed of Company Arrangement)(Receivers and Managers Appointed) may hold its AGMs for 2010, 2011, 2012, 2013, 2014, 2015 and 2016 years.