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July 08, 2014

08/07/2014: Another Australian grain trader collapses

Melbourne-based administrator Pitcher Partners is trying to find a buyer for the NSW company LGL Commodities and recover Aus$10 million owed to creditors across four states. LGL is one of several grain traders to go bust in the past 12 months.

So far there's been about 15 expressions of interest for the Tamworth-based business, reports ABC Rural on its website today. 

Administrator Andrew Yeo says its working towards providing creditors a detailed report on the causes of LGL's collapse and estimates of likely financial return.

Australian farmers who have been burnt by the collapse of grain trader will be thinking twice about who they'll sell their grain to in the future and whether they should be taking insurance to offset the risk associated with failures in trading organisations.



For the full story go HERE.


The Global Miller
This blog is maintained by The Global Miller staff and is supported by the magazine GFMT which is published by Perendale Publishers Limited.

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