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.
Neighbourhood Watch Week will start with a sizzle — a sausage sizzle to be precise — at Sevens Creek Dve in Kialla.
Victoria State Emergency Service (SES) and other emergency services are preparing for the next round of wild weather in the north-east.
It was clear blue skies last Tuesday for the official launch of the Gargarro (pronounced Ga-gar-ro) Botanic Gardens in Girgarre.
SNAKES will be coming out of hiding as the weather warms up.
KATH Bubb has been recognised for 50 years of service with the Ballendella Red Cross.
IT EXPERTISE in Kyabram has received recognition after Advance Computing won a Microsoft Australia Partner Award in the excellence in regional area customer category.
Seymour A and B-grade in season decider
Extensive rainfall in the Southern Riverina is having a negative impact on farming.
McIvor Creek – in and around Heathcote – has gone over its banks with all our recent rain, flooding streets and causing closures and detours.
Yarroweyah's Katie Anderson will be heading to Wisconsin in the United States after winning the Dairy Youth Travel Scholarship.
After a 30-year career as an accountant in Deniliquin, Peter Skipworth officially retires today.
Tuesday, August 16
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