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’s Declo Bisimwa firmly believes education is the key to a better life.
Beautiful weather greeted Tungamah residents for the 18th running of the Tungamah Lions Ten Thousand on Sunday.
When Keith and Marion Grumley and their growing family moved to Tatura on January 18, 1968, little did they know that it would be the start of a long and lasting connection to the town.
Garners Boxing Gym in Echuca is encouraging young people to get active with weekly boxing/cardio classes.
Rochester Rotary Club has celebrated its 50th birthday in style.
Sorting future of Campaspe pools
A theatre production with a difference is coming to Seymour.
Local athletes will go head-to-head with some of the best competitors from around the world in swimming and athletics in December.
District residents and visitors will be able to enjoy some of the region’s most beautiful private gardens on Sunday.
The 116th annual Cobram Show went off with a bang at the weekend, drawing in crowds from far and wide for two days of fun.
Tomorrow is a Total Fire Ban day in Deniliquin, meaning no fires can be lit in the open and all fire permits are suspended.
Fifty new full-time jobs will be created at Tatura with a multimillion-dollar expansion of the abattoirs expected to be announced today.
Remembering Australian political giant Gough Whitlam who once called on Benalla police to stop then Treasurer Frank Crean on his journey up the Hume to phone the PM.
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.