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Appointment details

Appointment type Court Liquidation
Appointment date 26 June 2014
Appointee John Lindholm
Company subject to Liquidation Banksia Securities Limited (In Liquidation) (Receivers and Managers Appointed) ACN 004 736 458
Office Melbourne
Stock market board

KPMG contact

Peter Mann
pmann2@kpmg.com.au
+61 3 8663 8550

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Background information

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.

Banksia Securities Limited – Remittal Proceeding

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Company details

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.

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Creditor communications

Information and circulars for creditors and debenture holders.

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Court documents

Court directions proceedings and documentation relating to this matter.

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ASIC insolvency material

The Australian Securities & Investments Commission provides resources on insolvency for directors, practitioners, employees, creditors and investors.

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Support

Coping with the emotional impact of financial distress.

Beyond Blue

beyondblue offers some useful resources for people struggling with the emotional impact of financial distress.

The beyondblue Support Service provides confidential, one-on-one counselling with a trained mental health professional.
Phone: 1300 22 4636

Lifeline

Lifeline offers phone crisis counselling for people who are experiencing financial and emotional hardship.

Phone: 13 11 14 Australia-wide
Online crisis support chat (7:00pm to 4:00am daily)

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