Receiver McGrathNicol yesterday said the first payments of between 10 and 15 cents in the dollar could be made “subject to there being no complications”.

“As BSL had substantial funds invested in liquid term deposits with major banks, we intend to make an early first payment to debenture holders and will aim to do this prior to Christmas,” Tony McGrath said.

Jim Stein, who lost about $130,000 in the collapse, welcomed the announcement but said there was still a long way to go. 

“It’s a start,” the Strathfieldsaye resident said. “We still want a lot more than that back, but it’s a start before Christmas and it will help.

“But there’s not much money in 10 cents in the dollar.”

Mr Stein said he would reinvest the initial repayment and eventually hoped to get between 70 and 80 per cent of his investment back. 

“It will be going to a very secure investment and I’ll be making sure it’s guaranteed money,” he said. 

“I’ve been talking to other people who have told me about a few investments that are much more secure.”

Information sessions will be held in Ballarat and Shepparton on December 14.

Debenture holders will also receive a report on the company’s activities and assets and information about future payments before the sessions. 

About 15,000 people lost money in the $660 million collapse.

Investors should contact the debenture holder hotline on 1800 722 079 to register for the information sessions. 

More information is also available at www.banksiagroup.com.au and www.mcgrathnicol.com