An explosive report has questioned whether the Tasmanian timber company Gunns traded while insolvent before its collapse last year.
Administrator PPB Advisory was appointed last September when Gunns could not pay its debts.
It has now released a report to creditors saying the company may have had problems six months before the collapse, but further investigation is needed.
PPB reports that it has found three instances where funds from plantation growers or other companies may have been used to keep Gunns running.
It emphasises the conclusions are from preliminary investigations which have been limited by time and the amount of information in Gunns' books.
"As we are yet to form a conclusive view on the date of insolvency we are unable to state definitively whether the Gunns Group traded whilst insolvent," the report said.
"Additional investigations will be required by a liquidator (if appointed) before a view may be formed."
The administrators' "preliminary view" is that Gunns was insolvent from "at least" September 21.
But the report says solvency concerns could have existed when prospective partner in the company's proposed northern Tasmanian pulp mill, the Chandler Corporation, pulled out in March 2012.
PPB says there were also concerns in July, when Gunns announced it was relying on the support of lenders, and September 12 when lenders knocked back a request for funding.
It says it is continuing to investigate the possible use of third party funds from managed investment schemes among a number of potential breaches by directors.
The report concludes Gunns has debts of about $3 billion and recommends the company be liquidated.
It says lenders owed $446 million are unlikely to be paid in full and unsecured creditors owed $2.4 billion will not see any return.
Workers' entitlements totalling $10 million will be met, the report says, but the timing of payments remains uncertain.
A second meeting of creditors in Launceston next Tuesday will determine whether the company should be wound up.
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