A Tatura resident said much of the town was invested in Banksia Securities Limited before it went into receivership on October 25. The closure has also forced the shutdown of the town's Westpac branch.BOB NICOL October 30, 2012 11:29am
Tatura residents are in shock following the announcement Banksia Securities Limited has been placed in receivership, owing investors $660
The closure of the Tatura office has also forced the shutdown of the town’s Westpac branch, which operated from the Banksia office.
On Thursday clients were faced with a ‘Continuous Disclosure Notice’ on the front door of the Tatura office when seeking answers.
McGrathNicol were appointed receivers and in a statement said it would explore the option of making an initial return of capital to investors within eight weeks.
One Tatura resident who spoke to the Guardian said ‘‘it is not good’’.
‘‘Everyone is affected. The whole town supported them (Banksia),’’ he said.
McGrathNicol’s Tony McGrath said the receivers were in the process of conducting an urgent review of BSL’s financial position, loan book and underlying security properties.
‘‘Our primary concern is to ensure the interests of debenture holders are being protected,’’ Mr McGrath said.
‘‘In this regard, we will be working closely with the Trustee to ensure debenture holders receive regular communication and BSL’s assets are managed in a manner to maximise returns.’’
On behalf of the Trustee, the Trust Company Limited group executive general manager corporate client services David Grbin said the Trustee had acted on the board of Banksia’s request to appoint receivers and managers.
‘‘We will focus our attention on ensuring debenture holders are treated fairly and equally,’’ Mr Grbin said.
‘‘We will communicate with debenture holders openly and will act in their best interests throughout the receivership.
‘‘Regular updates will be provided to debenture holders as the receivership progresses.’’
It is not known how many people have been affected by the sudden closure and freezing of funds, but one thing is certain, it may well have long-term ramifications on Tatura businesses, community groups and organisations, and the average person in the street for some time to come.
Federal Member for Murray Sharman Stone contacted The Guardian after the announcement.
Dr Stone assured Tatura residents who bank with Westpac their funds were still available.
‘‘I can assure them their funds are still available, but with the Banksia office closed until further notice, they will have to do their banking at an alternative branch,’’ she said.
She said Centrelink has moved quickly following the collapse and was asking people who receive pensions which are paid into an account at Banksia, to contact their Shepparton office immediately to make alternate banking arrangements.
She said Centrelink could provide some short-term assistance for those in immediate need and once again, people should contact Centrelink to discuss their particular circumstances.
UPDATE: The CFA has clarified a fire, which destroyed a Benalla shed, occurred next to a motorcycle clubhouse.
The Yarrawonga Pigeons scored a 20 point victory over the Myrtleford Saints at the JC Lowe Oval in Yarrawonga on Saturday.
The Aboriginal and wider community is mourning the death of revered Bangerang Aboriginal elder, Uncle John ‘‘Sandy’’ Atkinson.
MY LIFE as a mum is crazy.
FOUR Rochester residents did more than their bit for women’s cancers mid last month when they trekked 60km around Melbourne to raise funds for the Peter MacCallum Cancer Centre.
Tongala Football Club lost to Rumbalara in the Murray Netball League on Saturday by 14 points.
Four generations of Comi girls this Mother's Day
Berrigan Shire councillor Daryll Morris says he has been sickened by some of the vitriol and personal attacks to surface since the council’s proposal to redevelop Finley’s Memorial Hall and School of Arts site was revealed in October last year.
DESPITE criticism from within the community over a perceived lack of use, the O’Keefe Rail Trail has enjoyed good traffic over the past couple of weeks, with more to come.
The usual yellow and black colours at Katamatite Recreation Reserve will be replaced this Mother’s Day as pink will be the colour of choice.
Jake has babies to thank for surviving cancer.
Fonterra suppliers are reeling after the announcement of a big cut in the milk price from $5.60/kg to $5 for the full current year.
The News magazines are online - read high quality magazines in your time. Check in regularly for the 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.