I agree in regards closing up a company however in this case it...

I agree in regards closing up a company however in this case it is unbundling the STP which may well have early termination fees attached to it for the STP manager / administrator (Macquarie from memory), delisting the Trust from the ASX and then absolving the Unit Trust and closing off the associated Responsible Entity but even this cant be finalised until the final settlement amount for the MG Cooperative is resolved as finalising of the accounts will be required as part of that will be distributed to the Unit Trust unit holders. So it is left hanging and incurring costs to merely exist until the remaining legal matters are put to rest and the MG Cooperative can do a final set of accounts and determine remaining costs and what the final distribution will be. It will only take one case to be delayed to hold up the whole process.

I thought there were two ACCC actions against MGC with one already settled (civil charge against the cooperative) and the other is a criminal matter against individuals or possibly their Professional Indemnity if it covers the charges. Our legal eagles in here may correct this but I though the PI insurance would have an arrears cover for a certain period so this may ease any potential delay if it was only this matter holding up the closing up of MGC.

Either way the sun is well on the way to setting on the largest dairy cooperative in this country and that it is all a bit sad to watch.