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.
Hafizullah Mohaqiq was born in Afghanistan, spent periods living in Pakistan and Iran, before arriving in Shepparton two months ago.
The Mulwala Lions had satisfying and hard fought win, in difficult conditions, against last year’s grand finalists at Lonsdale Reserve on Saturday.
The Fairley Leadership Program met in Tatura on Wednesday, exploring ‘Water and our catchment’ at Goulburn Murray Water.
Road authorities have made little progress to fixing Echuca’s most dangerous intersections.
Lockington Vintage Tractor and Stationary Engine Rally is on for the 18th time this weekend and there is something for everyone.
Kyabram and District Sportstar of the Year nominations finalised
Three local clubs get together at Kings Park.
Tributes flow for Finley's inspiring mother, friend and farming advocate Jennifer Hawkins
A visit by Coliban Water to Heathcote last week provided residents with a chance to quiz staff about water and sewer services.
A new book, Men from the River Bends, honours Cobram-Barooga and district soldiers who paid the ultimate sacrifice after enlisting in World War 1.
Deniliquin bowler Dennis O'Keefe lost 25-19 in his bid for a quarter-final spot in the Victorian Singles Championships this week.
Widespread rain late last week and on Saturday put a smile on the faces of farmers preparing to sow crops or waiting for weeds to emerge on early-sown rye-grass.
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.