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Gunns' contractors cast doubt over funds recovery Posted 3 hours...

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    Gunns' contractors cast doubt over funds recovery

    Posted 3 hours 21 minutes ago ABC



    Map: WA
    Some Western Australian contractors of the timber company Gunns say they have given up hope of recovering any funds owed after the Tasmanian business entered into administration last month.

    Gunns managed several timber plantations in the state's south until it recorded a yearly loss of more than $1 billion.

    It contracted several companies to manage those plantations, some of which are owed more than $1 million.

    The owner of one company, who asked not to be named, says there is "no real prospects" of recovering the hundreds of thousands of dollars it is owed.

    He says it will make it "very tough" for the short-term prospects of the business.

    Another company, which also chose to remain anonymous, described creditor proceedings as a "lost cause".
 
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