Timbercorp, a now-defunct managed investment scheme within Australia

Australia

Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...

 from 1999 to 2008, was established to manage superannuation and investments in agriculture. The consortium of companies were placed into public administration on 23 April 2009 and is currently being wound up by administrators.

Over 40 companies formed Timbercorp, including silviculture, pulpwood timber, avocados, olives, almonds and other agribusiness schemes.

History

In 2004, the company increased profits by 50% and Timbercorp's share price went up 48%.

On 8 February 2007, shares in Timbercorp dived 28% after the government abolished tax relief on non-forestry managed investment schemes. At the time 15,000 hectares of olive, almond, citrus, mango and avocado orchards were managed by Timbercorp.

Government review of managed investment schemes

Being one of Australia's leading managed investment scheme companies during 2004-2007, the decision to enter administration took place one month before another leading managed investment company, Great Southern Group also failed. The joint failure of both these enterprises took place in 2009 and caused the federal government to review the operation of managed investment schemes, resulting in alterations to the operation of these which were announced in 2011.