A class action has been filed with the Supreme Court of Victoria against Banksia Securities and its directors.January 2, 2013 4:32am
More than 600 people who packed Kyabram P-12 College assembly hall in December heard that Banksia Securities did not have enough provisions to cover its loans.
A class action has been filed with the Supreme Court of Victoria against Banksia Securities and its directors.
Kyabram resident Laurie Bolitho is listed as the lead plaintiff but it is understood other parties in Kyabram are also likely to add their names as leads.
The class action was filed with the Supreme Court on Christmas Eve.
It is understood the documents outline allegations of negligence by Banksia’s directors Patrick John Godfrey, Nicholas Livingstone Carr, Peter William Keating, Neil Stewart Mathison and Geoffrey Grenville Skewes.
Allegations include points receivers McGrathNicol have highlighted as matters for investigation such as whether the company was trading while insolvent, or likely to be become insolvent, before the receiver was appointed.
It is also alleged the business was not run efficiently and in a proper manner and that investors were not kept informed of the company’s financial position.
Other defendants included in the action are believed to be The Trust Company Ltd and Bendigo based RSD Chartered Accountants, the auditors who signed off Banksia Securities accounts four weeks before the receivers were called in.
The aim of the action is to try to recoup some of the money expected to be lost after the business was put in the hands of receivers on October 25.
Principal receiver Tony McGrath told investors at an information session in Kyabram on November 16 he expected a loss of between $250
Talk of class action by investors in other areas was mooted early in December but it is believed this Kyabram initiated claim is the first to be filed with the Supreme Court.
Shepparton East people are being invited to play a role in shaping their community.
Yarrawonga’s Bre Elliott played the most “consistent golf of her life” over three days to win the Fuccillo Kia Championship at Capital Hills by carding a 2-under 69 on the final day.
Heather Donaldson was re-elected president of Tatura Hospital Ladies Auxiliary at the annual general meeting on Thursday, which was attended by 33 people.
ECHUCA footballer Ollie Wines was taken from Adelaide Oval earlier this afternoon after suffering a left shoulder injury in Port Adelaide’s home AFL match against St Kilda.
THE 2015 National Blood Donor Week festivities will make the Rochester region Victoria’s new red light district.
Community workshop to consider issues to help form Campaspe digital strategy
Heather Stamp brings a long experience of the Salvation Army to Seymour.
Berrigan Shire Council have approved a development application for six more independent living units to add to Berrigan’s Amaroo Self Care Unit block.
THEY may be a familiar sight across the Heathcote district, but some of the much-loved birds in the region are in decline.
It was a field of emerald at the Soroptimist International of Cobram Barooga’s annual lunch on Friday, where diners enjoyed the craic at the Irish-themed event.
Deniliquin and district boasted two major winners at the Australian Sheep and Wool Expo at Bendigo from July 17 to 19.
Riverine Plains is set to hold the first in its series of farm walks for the 2015 season as part of its research into stubble retained cropping systems.
The News magazines are online - read the high quality magazines in your time. Check in regularly for latest editions.
Riverine Herald's well regarded locally produced magazines. They're now online, so you can read them whenever and wherever you like.
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.