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 |
KPMG contact
Hannah Mcconalogue
hannah1@kpmg.com.au
+61 3 9288 6461
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.
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.
Creditor communications
Information and circulars for creditors and debenture holders.
Court documents
Court directions proceedings and documentation relating to this matter. The Court Documents are password protected. To access, please contact Hannah McConalogue of our office at hannah1@kpmg.com.au.
ASIC insolvency material
The Australian Securities & Investments Commission provides resources on insolvency for directors, practitioners, employees, creditors and investors.
Support
Coping with the emotional impact of financial distress.
Beyond Blue
The beyondblue Support Service provides confidential, one-on-one counselling with a trained mental health professional.
Phone: 1300 22 4636
Lifeline
Phone: 13 11 14 Australia-wide
Online crisis support chat (7:00pm to 4:00am daily)
