At the request of the Board of Banksia Securities Limited, the company’s trustee for debenture holders has appointed receivers and managers from the accounting firm McGrath Nicol to take charge of the assets of Banksia Securities.
If you have funds invested in Banksia Securities, you are a debenture holder, and the trustee represents you and, accordingly, the receivers appointed by the trustee are working to determine the value of your investment and to secure and ultimately to realise the company’s secured assets for the purpose of repaying your investment—or as much of it as possible.
Interest payments and redemptions (including those for which application has already been made) have been frozen until further notice.
If you have borrowed money from Banksia Securities, you will need to keep up your repayments, as the receivers will be taking action against defaulting debtors and their guarantors, and are likely to be concentrating more on recovering quickly rather than waiting until market conditions give rise to an improvement in the value of security.
For more information and frequent updates, visit the site of Banksia Securities: www.banksiagroup.com.au or McGrath Nicol: http://www.mcgrathnicol.com/administrations/banksia/Pages/Creditorinform… or, if you require particular assistance, please do not hesitate to contact us at Aitken Partners: