Banksia debenture holders will get a maximum of 65 cents for every dollar they invested with the regional non-bank lender, receivers confirmed this morning.

An initial payment of 20 cents for every dollar was also made today, with a further 10 cents expected to be handed out by June 30 next year. No date has yet been given for when the remainder of the money will be paid out.

The receivers, McGrathNicol, have now completed their investigation into why Banksia Securities Limited collapsed. A full report is available for debenture holders on the McGrathNicol website.

‘‘The receivers attribute the failure of the companies to several factors including a general reduction in property values, difficult credit market conditions, inadequate provisioning in the loan books and a mismatch between the timing of debentures due for repayment and the recoverability of borrower’s loans,’’ Tony McGrath said.

Their investigations found Banksia owed debenture holders $663 million when the board appointed receivers October 25. Banksia had outstanding loans worth $527 million, but some of these were not being repaid on time.

The $136 million that had not been loaned out was held as cash at the bank, and receivers have used this money to give debenture holders an early payment.

A related company called Cherry Fund Limited owes about $10 million to investors. They are expected to get between 55 cents and 70 cents for every dollar they invested. However, because this fund has no liquid assets, like cash, the receivers are unable to give out a distribution.

Information sessions for debenture holders will be held next Friday in Kyabram, Shepparton and Ballarat and will be posted online.