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.
A two- car crash has blocked the intersection in front of Shepparton's Marketplace shopping centre, with police controlling traffic at the scene.
Perfect weather forecasted this weekend will please the many boating enthusiasts registered for the inaugural Lake Mulwala Boat Muster to be held on Saturday.
A dairy cow has died from the disease anthrax in the Tatura region.
Campaspe Shire still does not have an alternative to the Moama slipway more than two years after obtaining permits to build a dry dock at the Port of Echuca.
There was a sentence doing the rounds at the weekend’s Great Northern Show.
Vic Govt issues alert after dairy cow death in Tatura
Two local teenagers have formally apologised to the Finley community for destroying 14 trees in Finley's Railway Park.
St Mary’s Catholic Church in Heathcote has undergone extensive roof repairs due to increasing water damage.
Cobram and District Toy Library secretary Liz Stronge said she was ‘‘really happy’’ with the turnout of more than 100 people to the 25th birthday Playfest at Mivo Park on Saturday.
McGregor takes 6-21 to lead Hay to DDCA premiership.
Fruit Growers Victoria plans to give fruit growers in Victoria more on-farm support as a result of its organisational restructure.
Betty Summer walks 6 kms in a round trip, three times a week to go to the gym. She hates people asking her age, but couldn't keep it secret when she hit the big nine-oh.
Discover unbelievable local deals from local businesses every week in the Goulburn and Murray Valley area with Leapon.com.au!
Search properties for sale or rent across North Central Victoria and Southern NSW. Visit your local website for local homes....
Search for published and unpublished photos from McPherson Media Group newspapers and magazines. All our photos are available to purchase.
Place an advertisement in any one of McPherson Media Group's local newspapers.