A BODY representing investors caught up in the collapse of agricultural projects manager Timbercorp is meeting with the federal government on Friday to call for reform to the rules governing managed investment schemes (MIS), according to
The Australian Financial Review.
Timbercorp went into administration on April 23 with a $903 million debt, leaving in limbo 18,300 people with $2 billion invested in a range of agricultural projects.
The Timbercorp Growers Group, funded by advisers who recommended investment in Timbercorp's MIS, is pushing for new "responsible entities" to take over 14 almond and olive investment schemes previously run by Timbercorp.
The Victorian Supreme Court this week ordered investors in the schemes to meet on July 31 and August 17 to consider their options.
The Timbercorp Growers Group wants the law changed so responsible entities of agricultural schemes cannot be a related party of the investment manager.
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