Some Banksia offices will close and the receivers of the finance company will offer a part payment to investors.November 20, 2012 4:01am
Banksia customers will receive an initial payment from the receivers before Christmas, according to the receivers.
Subject to a final calculation process, the first payment is expected to be in the range of 10 to 15 cents in the dollar.
How much more Banksia customers will get is still unclear and a series of information sessions has been announced for people worried about their frozen deposits.
Receivers and managers of Banksia Securities, McGrathNicol, said sessions would be held for debenture holders in Shepparton on December 14.
McGrathNicol will host four debenture holder information sessions: two in Shepparton from 10
McGrathNicol said the initial payment was possible because of substantial funds Banksia Securities had invested in liquid term deposits with major banks.
Debenture holders will receive a report on Banksia Securities activities and major assets as well as information on the timing and quantum of future payments before the information sessions.
Debenture holders should contact the debenture holder hotline on 1800
The receivers also announced Banksia Securities branches in Shepparton, Kyabram, Tatura and Echuca will close and 47 staff will lose their jobs.
The redundancies include the branches’ 28 staff members and 19 staff at the group’s Kyabram administration centre and its head office in Melbourne.
The staff were provided with notice of termination of their employment last week and the branches closed last Friday.
McGrathNicol said the remaining 37 staff at Kyabram and Melbourne were focused on debenture holder returns, including loan recovery processes and dividend payment requirements.
Banksia victims left without income because of the company’s collapse would be assessed differently by Centrelink.
Federal Member for Murray Sharman Stone said changes to assessment criteria had been made to assist people requiring financial help.
Community support needed for drug and alcohol treatment centre near Numurkah.
Yarrawonga/Mulwala's largest ever professional golf event, the Shepparton BMW Senior Victorian Open, got underway today with 124 players hitting off from 8am to 1pm on Yarrawonga's Black Bull Golf Course at Silverwoods.
Tatura’s rainfall for the last three months of 2015, 116.6mm, was marginally down on the long-term average for the same period, 120.8mm.
JON Lam’s exhibition Heart to Art will open at Alton Gallery on Friday
THE second annual Christmas town party in Lockington did not quite attract the crowd organisers were hoping for, but it failed to dampen their spirit.
Special supplement in this weeks edition
For Tocumwal’s Lynda Snowden, working the land hasn’t stopped her from falling in love with the majestic surrounds of her day to day life.
TOOLLEEN Recreation Reserve Committee of Management presented three awards on Australia Day in front of 80 local residents.
The cuteness level at Maryanne Ryan’s place is overflowing the bucket, with the arrival of baby Dougal the donkey.
Deniliquin doctor Marion Magee says she is disgusted with the treatment of local nurses.
Federal Member for Murray Sharman Stone has been criticised by two Victorian MPs for suggesting the Federal Government should stop spending money on the $2 billion irrigation modernisation program until problems are sorted out.
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