It is hoped that the deal, set by the group's liquidators KordaMentha and a committee of investors, will give the green light to the urgent pollination of almost 12,000 hectares of almond trees, in a process involving 1.6 billion bees at a cost of $3.4 million. The trees will not produce a crop next year unless they are pollinated.

After three days of evidence before the Supreme Court last week, the two groups agreed that scheme investors should meet within weeks to consider the future of the almond and olive projects. Supreme Court Justice Ross Robson ruled that KordaMentha was justified in holding the meeting.

"I think we all feel for the growers who have been caught up in this," Justice Robson told the court.

It followed an application last month by KordaMentha to wind up the schemes, a move opposed by the Timbercorp investors committee.

It remained unclear yesterday what legal status or binding effect the investors' votes would hold, and the details of the almond pollination were still to be worked out.

KordaMentha's application will now be adjourned, with the almond investors to meet on July 31 and olive investors on August 17.

Both groups are likely to vote on resolutions including whether the schemes should continue and whether a new "responsible entity" should take over running the schemes. Three parties have stepped forward to potentially become new REs.

The earlier date for the almond event was aimed at meeting a condition of an offer made by Melbourne firm Otway Partners to underwrite the pollination. Otway is working with Align Funds Management, which has put forward an asset swap deal for some of the almond investors involving the listed Timbercorp Primary Infrastructure Fund.

Chris Garnaut, a financial adviser and member of the growers' committee, applauded the outcome but said he would press corporate law minister Chris Bowen to change laws governing managed investment schemes.