Fairfax Media Network

Weather News

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

More breaking news

ABC News
Sydney Morning Herald
National Nine News
News Limited

Display Your Local Weather

Weather News

Fresh dusting of snow to the southeast

17:23 EST

A cold front has brought snow to the Alps of New South Wales, priming a good weekend to hit the snow fields.

Young and in drought: why farmers and young entrepreneurs stay on in regional and remote Australia

14:07 EST

There's rarely a time when the world's driest continent is not faced with a drought.

Australian Ski resorts going under cover

13:02 EST

Australia's ski resorts are finally becoming covered by fresh, natural snow, a result of the first decent cold blast in a few weeks.