Gunns placed into liquidation

UPDATE: Creditors have voted to place failed timber company Gunns into liquidation.

MORE TO COME

EARLIER: ABOUT 70 creditors to Gunns have met in Launceston to decide on whether to liquidate the company.

Creditors have been asked by administrators PPB Advisory whether they want to wind the company up or enter into an agreement where creditors would have power in governing the company's affairs.

PPB Advisory has recommended creditors liquidate the company which would lead to a sale of the company's assets, including its Tamar Valley pulp mill site and operating permits.

The company's creditors have said it is unlikely that most creditors will have debts owed to them paid back.

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