Mr Wharton's family property Runnymeade and Einasleigh district holding Red Rock are under the control of financier Bank West and receivers KordaMentha, following foreclosure two months ago.

A proposal to refinance the debt, backed by another bank, was put to Bank West by Mr Wharton at a meeting in Brisbane prior to Christmas.

"I have been quiet on the situation while the offer is being considered," Mr 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 am just telling the truth about what has happened.

"I have an offer on the table to enable us to walk away from Bank West. It is an offer in good faith, backed by another bank. It was put forward at the meeting in Brisbane.

"At Bank West, they come back to work on January 9 and we'll wait to hear what they have to say."

Mr Wharton said he was pleased with the offer.

"This was my first meeting with the bank after the foreclosure," he said. "It is a pity they did not want to talk earlier.

"Instead of talking, they sent people who were falling all over themselves just trying to clear us out as quickly as possible.

"We should have been presented with a management plan and a marketing plan, but there was nothing of the sort.

"Those people were in a big hurry to sell me out, and to the people who were worried about me and about their own situations, it looked like something sinister was happening."

Mr Wharton said he had been contacted by NSW 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."