Banksia Securities Limited

Banksia Securities Ltd (Banksia) was a Kyabram-based unlisted public company involved in raising money from the public by issuing debentures and lending the funds raised to borrowers for property investment and development purposes. As at October 2012, Banksia had raised approximately $663 million from 15,622 investors. 

On 25 October 2012, Tony McGrath, Joseph Hayes, Matthew Caddy and Robert Kirman of McGrathNicol were appointed as receivers and managers to Banksia by The Trust Company (Nominees) Limited, the trustee for debenture holders.  The receivers were also appointed to Cherry Fund Ltd, an associated fund of Banksia.

On 11 June 2014, ASIC accepted an enforceable undertaking from Mr Warren John Sinnott, the former auditor of Banksia, under which he is prevented from practicing as a registered auditor until 10 June 2019 (refer: 14-127MR).

On 24 June 2014, John Lindholm and Peter McCluskey of Ferrier Hodgson were appointed as Official Liquidators to Banksia by an order of the Supreme Court of Victoria.  On 6 October 2015 Mr Lindholm and Mr McCluskey were appointed Special Purpose Receivers of Banksia.

On 23 June 2017, ASIC commenced civil penalty proceedings in the Federal Court of Australia in Melbourne against Patrick John Godfrey, former managing director of Banksia (refer: 17-205MR). 

On 22 December 2017 the Federal Court ordered that Mr Godfrey pay a pecuniary penalty of $25,000 and be disqualified from managing corporations for a period of 5 years (refer: 17-463MR).

On 1 February 2018 the Federal Court ordered that Mr Godfrey have leave to manage P&M Godfrey Holdings Pty Ltd, on the condition that P&M Godfrey Holdings Pty Ltd not engage in activities other than as trustee of the P&M Godfrey Superannuation Fund for the duration of his disqualification.

Getting help and advice

If you are experiencing financial hardship, a free and independent financial counsellor can talk through your situation and suggest ways to help. You can call the Financial Counselling Hotline on 1800 007 007 (9:30am to 4.30pm, Monday to Friday) or visit MoneySmart for more information.

Where can I get more information?

ASIC's website has further information on the receivership and liquidation process and what it means for investors and creditors. Visit ASIC’s insolvency page.

Investors and creditors seeking further information about Banksia should contact:


  • Website:
  • Address: Level 12, 20 Martin Place, Sydney NSW 2000
  • Email:
  • Telephone: +61 2 9338 2600
  • Fax: +61 2 9338 2699

Ferrier Hodgson

  • Website:
  • Address: Level 43, 600 Bourke Street, Melbourne VIC 3000
  • Email:
  • Telephone: +61 3 9600 4922
  • Fax: +61 3 9642 5887

Updated: 22 December 2017

Media releases

Last updated: 29/04/2021 10:46