The collapse of the New South Wales (NSW) Grains Board has meant huge losses for its creditors, and many are now considering legal action to sue the board’s directors and auditors.

The NSW Audit Office had approved the Grains Board’s finances, and now creditors, such as The Commonwealth Bank and agricultural lender Rabo, say they were misled when they lent the board A$350m in credit.

The collapse of the board is currently being investigated by the New South Wales Public Accounts Committee and the Independent Commission Against Corruption, amid allegations from the creditors that the missing stock has not been accounted for.