Banksia cheques due to arrive soon

BANKSIA Securities’ receivers hope to make the first payment to investors as early as tomorrow.

The receivers, McGrathNicol, said last month they expected the first payment would be 10 to 15 cents in the dollar.

In a letter sent to investors on November 30, McGrathNicol said further information about the distribution of funds would be provided in a detailed report to debenture holders, to be released before information sessions with investors in Banksia Securities, and the associated Cherry Fund, scheduled for December 14 in Ballarat, Shepparton and Kyabram.

The receivers said there were insufficient funds in Cherry Fund at this stage for a payment to investors. In the letter to investors, McGrathNicol said those who held an account with Banksia Securities in the name of a trust, superannuation fund, a minor, estate or a deceased individual would receive their first distribution of funds by cheque. 

Next Monday, the state government’s mobile business centre will visit Warrnambool to provide confidential mentoring and advice to businesses hurt by Banksia’s collapse.  

Businesses either directly or indirectly affected are encouraged to take advantage of the free mentoring on offer, provided by the small business mentoring service. Owners and operators can attend an initial one-on-one session during the visit or opt for follow-up sessions to discuss the impacts on their operations and formulate a response plan. 

Up to four mentoring sessions are available to each affected business.

Bookings can be made to the Business Victoria contact centre on 132 215. More information is available at www.business.vic.gov.au/mentoring 

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