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.
Safety fears and shorter daylight hours prompt Victoria Park Lake user group to campaign for extra lighting.
The Yarrawonga Mulwala Cricket Club A Grade team lost its semi-final clash against Bruck on the weekend, bringing to an end their 2014-2015 season.
On March 5, Member for Northern Victoria Wendy Lovell visited the Tatura Guides, to speak about leadership and also of her experiences when she was a Guide.
Once upon a time a member of the Greens could be forgiven for feeling uncomfortable in this region.
The 28th Fleche Opperman 24-hour team time-trial finished in Rochester last Sunday as exhausted cyclists rolled into town shortly after sunrise.
Two teams, two premierships for Kyabram
A new project developed by Mitchell Shire Youth Council members.
Leading concert artist Daniel de Borah will perform in Deniliquin tonight as part of the South West Music 2015 concert series.
Heathcote Primary School students are asking the community to show their support for student efforts to stamp out bullying.
A group of Cobram Secondary College will travel to Borneo later this year to participate in the World Challenge.
The biannual Poll Dorset Conference at Moama last week heard breed associations worldwide are being challenged to innovate and remain relevant to their members and customers.
Benalla GP Paul Kelly receives an award in recognition of his 37 years as a doctor in rural Victoria.
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.