Creditors resolved to liquidate the well-known real estate, livestock and rural merchandise business on July 10, and on the same day the NSW Department of Fair Trading appointed Scott Newton, Shaw Gidley Insolvency and Reconstruction, Port Macquarie, to manage the liquidation process.

Under the liquidation process, the remaining divisions of the company would be offered for sale and all other assets realised, as well as outstanding debts pursued, and the proceeds distributed among creditors.

Mr Newton said the business would continue to trade through the liquidation process, with minimal affect on its clients.

The respective divisions of the business would be offered for sale during the coming weeks, Mr Newton said, with the process having begun for the Taree office of the real estate division.

“Expressions of interest for the Taree real estate business will close this Friday (today),” Mr Newton said.

The balance of the company’s operations, including its real estate business in Gloucester and rural merchandise store in Gloucester, would be placed on the market in coming weeks, according to Mr Newton.

The livestock division of the business had already been taken over by a new entity, Taree Gloucester Live-stock Pty Ltd.

Mr Newton said unsecured, low-stock creditors, including those who had sold livestock through the business and were not paid upon sale were entitled to lodge a claim with the Property Services Compensation Fund.

“If they meet the terms of the fund and are successful with their claim, the applicants will be paid their outstanding money,” he said.

For the balance of creditors, Mr Newton said the amount of money they would receive would be subject to what the assets of the company realised at sale.

He said at present this looked to be about 16 cents in every dollar, however, this was subject to confirmation.

Gloucester Shire Council technical services manager and nominal saleyards manager, Gil Gendron, said the news was a shock for the local community.

“The business has operated for a long time and was very well known in the area,” he said.

Mr Gendron said it had “without a doubt” affected the confidence of local producers.

“Landowners and producers had placed faith in the company by dealing with them, and now some of them have been stung,” he said.

“It could affect numbers offered at the saleyards long-term, as producers may look to deal directly with purchasers, and any drop in numbers at the saleyards could affect its viability.”

The council owns the saleyards, and is responsible for their maintenance.

“Council runs the saleyards as a cost centre on its own, and any reduction in stock numbers will affect council’s ability to carry out maintenance and future upgrades at the saleyards,” he said.

However, Mr Gendron said other agents were looking to utilise the saleyards, which was a positive for the area.

This included Hunter Valley-based agency Bowe and Lidbury, which has just opened a new office in Gloucester.

Bowe and Lidbury director Greg Lidbury was looking forward to serving producers in the Gloucester district.

“We think so much of the Glouces-ter area and the cattle they produce. We wanted to sell and keep cattle in the area,” he said.

Bowe and Lidbury’s new office will be manned by Michael Easey, the winner of the 2012 NSW Young Auctioneers State final.

“Michael’s been with us since he was a trainee, and we’re sending what I think is our best young agent up there, which shows our commitment to the region.”

Mr Lidbury said the company would sell at the Gloucester saleyards fortnightly prime cattle sale, but will hold its own store cattle sales on the second Saturday of each month.

The Land