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Rural receiverships rise in north

Amy 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

© ABC 2013

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