Timbercorp administrator KordaMentha has calculated that the almond and olive projects would together need more than $300 million in new capital to operate for another year, and would be cash-flow negative for the next three years, even with the proceeds of this year's harvests.

Timbercorp Securities, a Timbercorp subsidiary that operated the schemes and served as the responsible entity for Timbercorp's 18,500 investors, was insolvent, with no money, no access to money, no staff and "no ability to fund its operations", KordaMentha has concluded.

KordaMentha will apply to the Supreme Court for directions this week, asking whether it should apply to have Timbercorp's 24 almond and olive schemes wound up.

The documents are expected to be lodged today, and will come up for mention in court in the next few days.

Any move to wind up the schemes is likely to leave growers with no claim on their assets, apart from some proceeds from current crops.

Up to 10,000 growers are believed to have invested more than $600 million in the olive and almond schemes over eight years, and many borrowed to buy their investments and to finance their annual fees.

A hearing on the potential winding-up of the schemes will take place in coming weeks, which KordaMentha said would provide a forum for growers and other parties to debate the move.

"We are going to court reluctantly," administrator Mark Korda said. "We have looked at all other options and we think this is the most effective and fairest way to have the debate."

Some growers are calling on the Australian Securities and Investments Commission to appoint a new, temporary, responsible entity for the schemes.

A group of investor representatives has written to federal Corporate Law Minister Nick Sherry asking for an urgent meeting to put their case. "This action could leave thousands of investors with dead assets and live loans," one said.

The move has no impact on Timbercorp's forestry and non-olive or almond horticulture projects.