|Appointment type||Court Liquidation|
|Appointment date||26 June 2014|
|Company subject to Liquidation||Banksia Securities Limited (In Liquidation) (Receivers and Managers Appointed) ACN 004 736 458
+61 3 8663 8550
On 24 June 2014 John Lindholm and Peter McCluskey were appointed Official Liquidators of Banksia Securities Limited (BSL) pursuant to an Order of the Supreme Court of Victoria, subsequent to an application by BSL’s Receivers and Managers (the Receivers).
The appointment of liquidators sought to ensure an independent investigation and assessment into potential claims by BSL (or others) against The Trust Company (Nominees) Limited, and to ensure any such claims would be fully represented at mediations and/or prosecuted in subsequent proceedings.
Following the progression of such claims by the Receivers, it became evident that a further appointment over BSL was required to continue claims first brought by the Receivers. Accordingly, on 6 October 2015 John Lindholm and Peter McCluskey were appointed Special Purpose Receivers over BSL. The appointment of Special Purpose Receivers is solely to conduct proceedings in relation to BSL’s rights and entitlements to proceedings currently brought by the Receivers in addition to other proceedings being brought by Mr Bolitho in the Supreme Court of Victoria. The appointment of Special Purpose Receivers does not impact the day to day duties of the Receivers who continue to manage the remaining asset realisations and liaising with debenture holders.
See information on the Banksia Securities Limited Remittal proceedings.
Incorporated in 1968, Banksia Securities Limited operated as a non-bank property lender and primarily conducted business by raising funds from retail investors (i.e. the public) and advancing funds to third party borrowers (primarily for property investment and development purposes). When Receivers and Managers were appointed over Banksia Securities Limited on 25 October 2012 the company operated 10 branches that were primarily located throughout regional Victoria.
Information and circulars for creditors and debenture holders.
Court directions proceedings and documentation relating to this matter.
Coping with the emotional impact of financial distress.