So far there's been about 15 expressions of interest for the Tamworth-based business.
LGL is one of several graintraders to go bust in the past 12 months.
John Higginson, a grain grower from Junee in southern NSW, sold LGL about a quarter of his current season's wheat crop and doesn't expect to get paid for any of it.
"It says a lot for dealing with the locals, that I have dealt with before," Mr Higginson said.
"But when a new one comes along, you feel like you should give them a go.
"I guess whoever does start up again, I'm sure somebody will at our local site at Harefield, if I take insurance out it'll make me a little more willing to deal with them."
Administrator Andrew Yeo says its working towards providing creditors a detailed report on the causes of LGL's collapse and estimates of likely financial returns.
Emerald Grain won't comment on how much money its owed, but Tom Howard, the company's group general manager of trading, says it has stringent risk management practices in place.
"Emerald Grain and its growers customers are protected from any ripple effects of the LGL insolvency due to Emerald Grain and Sumitomo's strong financial position."
Bob McKay, CEO of grain marketing firm AgFarm, says if the company hadn't taken out insurance when it sold grain to LGL, the situation could have been a lot worse.
"If we can't get trade credit insurance with our counter-party, we won't deal with them," Mr McKay said.
"In this instance with LGL commodities, we did have trade credit insurance in place with that company.
"The amount that we sold them and the amount that we are a creditor of them for is fully insured with our trade credit insurance company."
He says while AgFarm has been protected from financial losses from the collapse of LGL, it does reflect badly on the industry.
"I think the frustrating thing is its very hard for the grower to do due diligence on a grain buyer.
"Unless they have access to an insurance company or formal trade credit policy in place, then its very difficult.
"If you follow that line of thinking through, it would mean that growers would only deal with the big traders in town, who may not have the best prices."