If you, your family or your organisation had an account with Banksia at the time of the collapse it may be worth an email, phone call or clicking the attached link to check on the status of your account.
A Supreme Court of Victoria affidavit by the receiver of Banksia Securities Limited has revealed there are significant recovered funds available to account holders from the financial group’s 2012 collapse.
The latest distribution to debenture holders involved $907,440 from 3656 accounts and brought the total amount of unpresented payments to $4.131 million.
That is the amount of money, as at January 31, that was held in trust.
Since December 2012 there has been a substantial number of accounts with unclaimed funds.
The suggestion is that much of these funds belong to people who have not updated contact details, is attached to deceased estates or belongs to people or groups who just haven’t followed up their money.
There were several community and sporting organisations that invested in Banksia that could have claimable funds sitting in these accounts.
If the funds remain unclaimed they will eventually go into government consolidated revenue.
The initial three years showed a lower rate of unpresented payments, with receivers overseeing nine distributions.
That rate has increased dramatically since March 2017; the original figure of 469 unpresented payments blowing out to almost 3700.
In June 2019 a distribution to 1957 accounts, worth $1,836,962, was the largest of the unpresented payments.
The affidavit, dated April 28, is available to view on the KPMG website and tells the complete story of the complicated financial compensation program that has been ongoing for the past 11 years.
A copy of a circular sent to debenture holders is available on the Banksia Securities webpage: https://kpmg.com/au/en/home/creditors/banksia-securities-limited.html
Should people have any questions in relation to previous distributions they can phone Link Market Services on (02) 8767 1029 or email banksia@linkmarketservices.com.au
Those who believe Link Market Services may have incorrect contact information can update their address by contacting the organisation.
