The Court directed that the liquidators of Timbercorp Securities Limited were justified in distributing approximately $2.6 million in residual scheme funds by paying proceeds attributable to Growers with outstanding TFPL loans to TFPL as secured creditor, paying into Court proceeds where competing security interests existed, and remitting the balance to ASIC as unclaimed moneys. The Court released TSL from its obligation under compromise deeds to hold compromise proceeds on trust pending agreement between TFPL and Growers, treating the application as the 'court order' contemplated by clause 4 of those deeds. The directions do not determine the rights as between TFPL and any Specified Grower, leaving it open for a Grower to subsequently challenge any payment made to TFPL.
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