Banksia Securities Limited (In Liquidation)

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.