The union representing Gunns employees remains hopeful the beleaguered timber company's businesses can survive and jobs can be saved.
The Construction, Forestry, Mining and Energy Union (CFMEU) says several of Gunns' concerns, including operations at Bell Bay in Tasmania and Tarpeena in South Australia, are viable and many of its 600 workers can stay employed.
But it has warned an incoming administrator it will leave no stone unturned in seeking to ensure sacked workers' entitlements are paid.
"I would see them as operational and we would want that to be the case for job security," CFMEU spokesman Danny Murphy told AAP.
"Given that the administrator may take a different point of view, the union will once again pursue every avenue to ensure that our workers are paid their entitlements.
"We would want ANZ Bank to give us that assurance."
The CFMEU's immediate concern was the entitlements of 45 employees due to be made redundant at Gunns' Launceston headquarters this week.
The union says 200 workers are employed at Tarpeena in South Australia and around 120 at the Bell Bay sawmill.
Bell Bay, in Tasmania's north, is also the site of the controversial $2.3 billion pulp mill proposed by Gunns that led the company to seek a massive injection of funds.
Local mayor Roger Broomhall said his council was still digesting news that could have a devastating impact on the area.
"We're concerned about employment in respect to that sawmill but we need to wait until such time as the administrator makes some announcements," he said.
"(The pulp mill's) a bit of a problem I guess and we're not too sure where that's going to go.
"Maybe the administrator might find some buyers for that site and it might continue."
Tasmanian premier Lara Giddings also remained hopeful the mill might proceed, warning against "dancing on (Gunns') grave", but environmentalists have declared it dead.
"Gunns actually put all its eggs in one basket and it jeopardised the jobs, the livelihoods, the wellbeing of all of its employees," Australian Greens leader Christine Milne told reporters.
"The real culprits here, in terms of putting people's jobs at risk, are actually the board and the management of Gunns who made some seriously bad decisions."
Former Tasmanian Greens leader Peg Putt, one of the 'Gunns 20' who were sued by the company over their activism, also welcomed the apparent demise of the mill.
"I'm hopeful the rest of the forest industry will continue to heed the lesson that you can't simply get governments in your pocket and think that you can ride roughshod over public opinion," she told reporters.
Ms Giddings said the development further justified her government's forest peace talks, which came about in the wake of a downturn in the forestry sector.
But federal coalition forestry spokesman and Tasmanian senator Richard Colebeck took aim at her power sharing arrangement with the Greens.
"It's a hard reality, but this is what the world looks like when the Greens get some control," he said in a statement.