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.
The committal hearing into the 1983 murder of Shepparton teenager Michelle Buckingham is expected to finish today.
The Yarrawonga Chronicle and Travel and Cruise Yarrawonga are offering shoppers a chance to win an incredible cruise package this summer.
Last week Victorian Collections passed a major milestone, with the 50000th historical object record from the state’s heritage collections uploaded to the site.
Echuca-Moama Search and Rescue members Steve Huntley, Kirsty Read, Ray Rowe and Peter Reid have been recognised for their role following an industrial accident earlier this year.
Rochester Secondary College student Georgia Mundie will perform at an Equitana exhibition in Melbourne.
Fourteen parties and 37 candidates will contest the Northern Victoria Region for the Victorian upper house at the November 29 election, with the Democratic Labour Party (DLP) claiming the top billing on the ballot paper.
Playgroup of the Month for November.
Andrew Richardson and Matt Jackson have been appointed co-coaches of Finley's senior football side.
Coliban Water has confirmed sewer connections in Heathcote would not happen until the completion of a feasibility study.
Runners from the Sri Chinmoy Peace Oneness-Home Peace Run visit local students to share message of goodwill.
Deniliquin’s Luke Harrington is hoping to start a horse riding club for people with a disability.
South African course builder Brian Lavery, now based in Melbourne, set a testing track for the Hunter Group World Cup Showjumping Qualifier on Saturday that brought some of the sport’s big names undone.
Scott Upston had a decorated career as a paralympic coach before moving to Benalla this year.
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.