The receiver of the failed property finance company and mortgage fund manager, Banksia Securities, says it expects to provide investors with "a meaningful return" on their investment.Banksia's trustee, the Trust Company (Nominees) Ltd, appointed McGrathNicol as receiver and manager last Thursday. Interest payments and redemptions were frozen immediately.Banksia owes A$650 million to investors. These funds were advanced to borrowers, primarily to finance property purchases.In a statement issued on Friday, McGrathNicol said: "Banksia has substantial liquid assets. While it is not expected that debenture holders will recover all of their funds, the receivers do anticipate that they will receive a meaningful return on their investments."Banksia reported a profit of $882,000 for the year to June 2012 (down by $1 million on 2011) when directors signed off the accounts on September 27.The bad debt charge had increased to $2.4 million, from $900,000 the year before.The group now expects to write off at least another $24 million in bad loans (the stated net assets at June 30).Banksia had $500 million in loans as assets at the end of the financial year and $134 million in cash.