Councillor Wharton's family property Runnymede and Einasleigh district holding Red Rock are under the control of financier Bank West and receivers KordaMentha, following a recent foreclosure.

A proposal to refinance the debt, backed by another bank, was put to Bank West by Cr Wharton at a meeting in Brisbane prior to Christmas. "I have been quiet on the situation while the offer is being considered," Cr Wharton said.

"But so many people have been ringing, wanting to know what's happening, I feel I must at least say something to put them in the picture.

"I have an offer on the table to enable us to walk away from Bank West."

Cr Wharton said he expected to hear back from Bank West today.

He said he had been contacted by New South Wales Senator Bill Heffernan about plans for a Senate inquiry into banking practices, which was likely to be established in February.

"In our case, we have been in receivership for just a few weeks and we have a firm proposal that should enable us to move on," he said.

"For others, receivership can last for years and people can be really badly hurt.

"By that time, even if they get a payout, it doesn't put their life back together."

The push for an inquiry into rural banking was led by Member for Kennedy Bob Katter.