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.
When Sam Atukorala addresses his children in his mother tongue of Sinhalese, they understand him completely, but they always reply in English.
Mulwala’s own motor racing sensation Steve ‘Harro’ Harrison has won the 2014 Victorian Super Tin Tops Championship.
St Augustines College, Kyabram, has won the inaugural School’s Sustainability Cup for 2014, beating several Melbourne schools.
The Shire of Campaspe is concerned as to the incomplete reporting of Port of Echuca property matters.
Four people, including a father and his two children, were fined more than $18,000 for their role in an alcohol-fuelled brawl at a Lockington party earlier this year which ended in a teenager beaten up and forced into a dog cage.
New faces for Girgarre FNC
A time to include late loved ones in the spirit of the season.
Firefighters were able to save a Finley property's buildings after a large stack of hay bales went up in flames on Monday.
Eppalock Primary School has gone global.
Scout Group hopes to raise funds for World Scout Jamboree through novel 24-hour endurance test.
Forest tour only way to understand impact.
Fodder depots have been set up in Euroa and Thoona for farmers hit by the recent fires.
The rail tracks are in such disrepear V/Line is having to close the buffet car between Euroa and Seymour due to health and safety concerns to hospitality staff.
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.