Align Funds Management (Align) has instructed its lawyers to monitor Timbercorp administrators' application to wind up the ailing agribusiness firm's almond and olive managed investment schemes.
A number of the Timbercorp almond schemes are conducted on land owned by Align.
Align chairman Trevor Moyle said its lawyers had been instructed to advise on Timbercorp's application to the Victorian Supreme Court.
"At the same time the directors are continuing with the development of detailed plans to respond to the challenges presented by the insolvency of the Timbercorp Group with a view to optimising outcomes for investors," Align Funds Management chairman Trevor Moyle said.
On 4 June 2009, Timbercorp's administrators KordaMentha applied to the Victorian Supreme Court for a direction that it is proper to wind up the schemes due to the current financial circumstances of Timbercorp and the schemes.
A KordaMentha spokesperson said Timbercorp was "hopelessly insolvent".
"We are going to court reluctantly. We have looked at all other options and we think this is the most effective and fairest way to have the debate," the spokesperson said.
Align is the responsible entity for Timbercorp Primary Infrastructure Fund and Timbercorp Orchard Trust.
In April, Align Funds Management director Darren Lipton and company secretary Andrew Ashbolt resigned. Asuka Sugimoto later replaced Ashbolt.
