Victorian based financial services company Banksia Securities has announced it has appointed McGrathNicol as receivers.

 

Banksia Securities currently owes in excess of $660 million to investors from funds it borrowed to finance property investment.

 

“We are in the process of conducting an urgent review of BSL's (Banksia Securities Limited) financial position, loan book and underlying security properties," Tony McGrath from McGrathNicol said.

 

“Our primary concern is to ensure the interests of debenture holders are being protected. In this regard, we will be working closely with the Trustee to ensure debenture holders receive regular communication and BSL’s assets are managed in a manner to maximise returns.”