On November 13 last year, Hillside Meats announced it had gone into voluntary administration and appointed Derrick Vickers and Kate Warwick, PricewaterhouseCoopers Australia (PwC), as joint administrators.

At the time, in an exclusive interview with Farm Weekly, Mr Trefort said low sheep numbers, the high Australian dollar and a fatal workplace accident all played a major part in the company's downfall.

The company has been a major loss to the industry so far this season with many farmers and industry leaders concerned about its future.

PwC said in a statement to Farm Weekly that a Deed of Company Proposal (DOCA) has been received and was being looked at.

"Some terms and agreements are still required to be finalised before it can be presented to creditors," the statement said.

"Once the DOCA is able to be presented to creditors, a report to creditors will be prepared outlining the proposal and provide an indication of the estimated return to creditors under the DOCA proposal versus liquidation.

"An extension has been granted by the court for the second creditors' meeting to be held.

"It must now be held no later than April 10, 2012."

Mr Trefort was unavailable for comment by the time Farm Weekly went to press and the potential creditor is unknown at this stage.