Rural receiverships rise in northAmy Phillips, Friday June 14, 2013 - 13:25 EST
A lawyer says rural property receiverships are on the rise across northern Australia, thanks to the drought and the live export suspension.
Agribusiness lawyer with Thynne and McCartney, Bill Loughnan, says property owners need to keep in touch with their banks as uncertain market conditions continue.
He says many people are feeling the pinch at the moment.
"Anecdotally I heard the other day that one bank had appointed receivers to 40 properties in the north.
"I think that was a rumour, I don't think that was true.
"Each bank involved in rural Australia will have a small number of receiverships on their books, but people should appreciate that from the banks' point of view, generally the appointment of receivers is a last resort."
© ABC 2013
More breaking news
Victorians who experience breathing difficulties or asthma have been advised to take extra care this evening, with a cool change and thunderstorms predicted for the state.
Two homes in south-east Queensland were destroyed by fire during yesterday's super cell storms, which also overturned caravans and saw a teenager struck by lightning.
Saturday's storms produced large hail, intense rainfall and destructive winds to several locations across southeast Queensland as two large storms rolled over in quick succession.