Money back to Banksia debt holders

THOSE owed money from the collapse of Banskia have received 80 per cent of their owed money back, according to receivers McGrath Nicol.

The company announced a payment of two cents in the dollar on Wednesday, taking total payments to 80 cents.

Receiver Tony McGrath said the company had now achieved the low-range estimated return.

“We are very pleased that we have now achieved the ‘low’ range of our previous repayment guidance of 80 to 85 cents in the dollar,” he said.

Mr McGrath said a “midpoint” return of 82 to 83 cents was now achievable.

The timing and precise figure of further returns depending on the outcome of litigation, he said.

The receivers have made public examination transcripts available following a court order made in February.

The transcripts are available at www.mcgrathnichol.com

The company collapsed in 2012 owing about $650 million. 

Many of those affected were senior citizens. 

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