Banksia creditors meet with receivers

Investors in the failed financial group Banksia will be hoping for answers at a creditors meetings in Kyabram, Shepparton and Ballarat today.

Banksia Securities went into receivership without warning on October 25 after amassing debts of $660 million.

McGrathNicol were appointed as the receivers.

The Australian Securities Investment Commission (ASIC) is investigating the collapse, which has hit the Goulburn Valley communities of Kyabram and Shepparton hard.

Investors were told they are likely to get just over half their money back.

They have already received a payment of around 20 per cent but the rest might take months or years to come through.

Investor Vince Glenane had $100,000 invested in Banksia.

"We want to get onto the auditors.

We want to know who they are, what they did wrong and if they have done wrong, what action can we take," he said.

The majority of Banksia's 3,000 customers are retirees.

"It's not fair to the community.

It's their life savings," Mr Glenane said.

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