The Mercury reported here that Gunns’ liquidator, PPB Advisory,” has summonsed auditors Leigh Franklin and David Lumley of KPMG’s Hobart office to a public examination under the Corporations Act in the Supreme Court of Victoria early next year.”
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“............PPB
Advisory liquidator Daniel Bryant wants to examine KPMG about its review of
Gunns’ 2008 financial statements, the audit of Auspine to June 2009 and all
financial models relating to the audits of Gunns group’s financial statements
between June 30, 2009, and June 30, 2011.
Liquidators
have asked for documents about the $2.5 billion Bell Bay pulp mill, land
valuations, biological assets and receivables in relation to the managed
investment schemes.
The
2011 documents sought include the Bell Bay pulp mill project financial model
dated June 2011, pulp mill cost summary dated May 31 and the pulp mill
capitalised cost summary.
A
public examination is an investigative process used by liquidators to search
for assets, inquire into potential claims, discover any offences and provide
some sense of resolution to creditors.”
At issue is trying to determine the
date of insolvency.
