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.
Police are asking for information about an assault in Shepparton that left a man with serious facial injuries and broken bones last month.
The 2014 Yarrawonga Mulwala Multisport Festival has been hailed a huge success by organisers and participants alike.
The fifth annual King Billy Retreat Open Garden Party will be held at Rushworth on Saturday and Sunday, October 25-26, from 10 am to 4 pm.
Emily Umbers has been helping members of the Maasai community to get a toilet.
St Joseph’s Primary School students took part in an extended after-school stay.
Fraser sure has aces in spades
A great day brought big numbers to Station St in Seymour.
Finley's Mark Whiley has been traded from the GWS Giants to Carlton - the club he has supported all his life.
Nominations are being sought for the annual Axedale CWA community youth award.
Access to Ulupna Island has been blocked at key points, leaving local residents and businesses rallying for a re-opening in a bid to save tourism dollars.
Deniliquin McDonald's raised more than $1300 for McHappy Day on Saturday.
Up to14 new full-time jobs will be created at Pactum Dairy Group in Shepparton, with the company set to embark on an $18million expansion at its factory.
Alma Nungarrayi Granites is the most successful of the Warlukurlangu artists who still live at Yuendumu and enjoys teaching children about aboriginal culture and art.
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.