Banksia Securities investors have been told to expect a further repayment of 5¢ to 10¢ in the dollar by the end of this year.
Banksia Securities investors have been told to expect a further repayment of 5¢ to 10¢ in the dollar before the end of this year.
Investors have received 65¢ in the dollar to date and the overall repayment is still expected to be 80¢ to 85¢.
In a circular sent to investors, receivers McGrathNicol said the additional payment would be subject to the sale of Banksia’s impaired loans and the outcome of the Banksia Mortgage Fund sale process.
Remaining funds of $12
Some $30 million has been recovered from the impaired loan portfolio, while 74 impaired loans with a total face value of $131
McGrathNicol said 23 of these loans, valued at $22
Banksia also has about a $57
The receiver is also monitoring the recovery progress of an $11
Securities Holdco recently repaid $3.1
Other assets the receiver is aiming to sell are four Banksia-owned freehold properties.
They include three former branch offices, which are expected to go on the market in the next month, and Banksia’s head office that is expected to be put up for sale once closed. However, that is not expected until at least next year.
Public examinations of 20 people including Banksia directors, senior staff members and third parties, including representatives from company auditors RSD, were completed on August 22.
McGrathNicol intends to get legal advice on potential claims and the prospects of success from such actions, before it announces its strategy for this part of the recovery to investors.
The receiver’s statement said it was continuing to work with the Debenture Holder Committee and the latest of five meetings took place on August 22.
The class action launched against BSL by Kyabram resident Laurie Bolitho last December is also continuing. The next court hearing for the class action was scheduled to take place yesterday.
Tatura’s Jennifer Hippisley will head up a state education advisory group after being elected as the chair of the Victorian Local Learning and Education Network Broker Network.
After a tennis career spanning 62 years, of which the last 35 years have been as a coach, Yarrawonga's Jon Coleman is set to retire at the end of 2013.
The recent Kyabram Master Pairs, played over six days with crack sides from near and far, attracted some talented bowlers eager to win the prestige event.
A frequent visitor to northern Victoria, Care Connect's Graham Custance recently won a national award for his work supporting indigenous elders to achieve better health and wellbeing.
Three Goornong Fire Brigade firefighters recently completed a CFA course on safety surrounding urban firefighting and using breathing apparatuses.
Kyabram Lawn Tennis Club’s annual junior singles tournament again attracted good numbers from across the district.
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Tocumwal Pre-School students are proudly flying their KITE at the Tocumwal Lions Community Hostel.
Tooborac Fire Brigade visited Tooborac Primary School last Tuesday to help the school complete its bushfire emergency management plan.
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