SOME Gunns creditors have already discussed taking the former company's management and its primary lender to court in a class action if a liquidator's report finds the company traded while insolvent.
Creditors voted unanimously to liquidate the company on Tuesday, following administrator PPB Advisory's recommendation in a creditors report, with many unsecured lenders unlikely to see the $134.8 million owed to them.
A creditor contacted by The Examiner yesterday said class action against a consortium of banks, led by ANZ, and Gunns directors was being discussed among creditors. But he said even if wrongdoing was uncovered, many would be reluctant to risk losing money in an expensive court case.
One option that could be available to them was an application to a litigation funder, which finances class actions on multimillion- dollars claims for a hefty cut.
PPB Advisory's creditors' report did not say whether the company traded while insolvent, with the issue set to be determined in its liquidator's report due in three months.
University of Tasmania corporate governance lecturer Tom Baxter said he believed creditors could have a good case for action.
"Depending on the liquidator's report, there may well be grounds that affected parties could take action against company directors, officers, auditors and the ANZ Bank," Mr Baxter said.
Action by creditors would be the second class action brought against former Gunns directors.
Legal firm Maurice Blackburn in 2011 lodged a class action in federal court on behalf of shareholders seeking between $35 million and $75 million, alleging the company did not disclose information that could have warned of a 98 per cent share price drop in 2010.
The action was halted when Gunns entered voluntary administration last September.