A PROMINENT financial group with a branch in Ballarat has been placed into receivership, leaving investors to wonder what will happen to their money.
McGrathNicol has been appointed as receivers and managers of Banksia Securities Limited, who owes about $660 million to its investors.
Interest payments and redemptions were frozen as of yesterday.
Control of the business and its assets now rests with McGrathNicol, who will be working with the trustee to ensure the interests of debenture holders are being protected.
One of the receivers, Tony McGrath, said this was the "primary concern".
"We are in the process of conducting an urgent review of BSL's financial position, loan book and underlying security properties," he said.
Representing the trustee, David Grbin said their focus would be to ensure debenture holders were treated fairly. McGrathNicol said it would keep investors up to date with the receivership process.
The Ballarat branch of BSL is located at the intersection of Sturt and Doveton streets
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