Perth Bullion Liquidation

Abossy said:
Just saw it yesterday morning as well, missed the first few earlier in the month - I hold a couple boxes, and like you it represents a sizeable part of my investments.

Try and stay calm - I got a message from one of the guys that used to work there yesterday (left a few months back) that all boxes/contents should be safe and returned eventually. Now you can take that with a grain of salt, but I think the way the boxes are setup (in trust), we ultimately own the contents and they can't be touched.

Now of course who really knows how it will play out. The second circular from the administrator clearly states that the premisis is secure and no third party property has left the building. I called up the liquidator this morning - she couldn't tell me much, but did say the premises is secure and under the control of the liquidator.

The thing that does concern me is the lack of records/paperwork - as per the second circular from the administrator. I would suggest you start digging and find all/any paperwork you have relating to the specifics of the box. Do you hold both keys? Use the link below to register and upload any supporting documentation.

https://www.rsm.global/australia/FAQ/Perthbullion

If any SDB holder has a copy of the contract, please post up here so we can examine the clauses...I have not been able to locate mine, only got the invoices for the boxes themselves.

All of us SDB holders need to register a group or something so we can keep on top of it in case they try any funny business - perhaps we could even start to research some legal options in the event they try and start claiming there is no way to prove who the holders are.
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Here are the the terms n conditions that I received. Depending on when you had yours, the one i got is revised in 2016, although I have applied for the SDB just fairly recently. I have also attached the FAQs they have provided.
 

Attachments

An Excerpt from the FAQs which I think everyone is interested in:

What happens to my box in the case of the business going bankrupt?
The contents of a safety deposit box remain the property of the Licensee/s and cannot be touched by the Company or its creditors. The contents of your box always remains yours.
 
OK so last point in the FAQ clearly states what happens in the event of bankruptcy, however I don't see any detail on this in the actual terms and conditions unless I misread.

I think the contents are safe - however, the records continue to be the main concern for me. How in the FK could they not have proper records? I had sign and fill out a damn access sheet everytime I went to see the boxes. Also the signed paperwork when opening the box?? Where the FK has all this gone
 
Most paperwork in a business would be on premises. When it needs to be pulled together for an audit or tax year, it is usually just a case of pulling it all together because you know where each piece is. However, with no corporate memory it can become a shit fight. This why liquidators usually keep on a past reputable employee to help out.
 
An excerpt on their T&C in regards to their complimentary insurance

  • The Company's Liability Policy covers the contents of all safety deposit boxes to the value of $10,000.00; you (the Licensee or Box-holder/s) are not a party to the Liability Policy.
  • Claims can only be made against the Company's complimentary insurance, where box rental is current and paid up for the current period.
 
Which comes to the question as to the purpose of their complimentary insurance if the liquidator is saying the box holders should arrange their own insurance?

By the way, if you somehow you get your box back but the contents are missing for some reason, how would you claim for insurance in this case on how long would it take?
 
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sammysilver said:
Most paperwork in a business would be on premises. When it needs to be pulled together for an audit or tax year, it is usually just a case of pulling it all together because you know where each piece is. However, with no corporate memory it can become a shit fight. This why liquidators usually keep on a past reputable employee to help out.
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Let's hope there is one...
 
I have contacted RSM, left message, requesting to know if any email confirmation will be sent out for all those whom have registered their details via the website http://www.rsm.com.au/perthbullion as receipt of lodgement. Would have thought be mandatory.

Update Sorry, Ignore above, I did receive automated email response
 
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Another question, if the liquidator is saying that there are no proper records, this could mean:

1) The Business has the records in paper but its unorganised
2) The Business has the records but tampered with the records in the last minute
3) The Business never had any records

So 1) just means its going to take time, with 2-3), how do you know if the box is yours?
 
These safety boxes have numbers labelled on them. They usually have the box number written in the receipt which correlates with the box. Would that be enough proof to track the ownership of the SDB? Unless they go all the way and tear off all the labels..
 
fishduck said:
Another question, if the liquidator is saying that there are no proper records, this could mean:

1) The Business has the records in paper but its unorganised
2) The Business has the records but tampered with the records in the last minute
3) The Business never had any records

So 1) just means its going to take time, with 2-3), how do you know if the box is yours?
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The key has the box number on it. It is also stated in the information on the invoice when you first take out the box and in the booklet they have for the box with what is in the DB etc.
I'm hoping this helps speed up the process but by the sounds of it, maybe not.
I moved my stack out of PB before this happened so a luck escape. Hope all comes to a resolution soon
 
StewyD32 said:
The key has the box number on it. It is also stated in the information on the invoice when you first take out the box and in the booklet they have for the box with what is in the DB etc.
I'm hoping this helps speed up the process but by the sounds of it, maybe not.
I moved my stack out of PB before this happened so a luck escape. Hope all comes to a resolution soon
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Were you seeing signs that the company was not doing well or was it just a coincidence when deciding to remove your stuff?
 
Thanks Abossy your message is reassuring, i never held keys to the box, whenever i deposited something they just gave me one of those plastic zip lock tags with a serial number to put though the lock hole so i would know if it had been tampered with. I'm pretty sure i should have that serial number written down with my records and a copy of the contract but i will have to wait until i get home on Wednesday to check them. I will post it if do.

I did send RSM a receipt of my last sdb renewal fee. I think i can prove that box is mine with receipts for the annual renewal fees for that specific box and a list of serial numbers on the bars inside.

I am all for forming some sort of group and getting legal help. Because this whole no records thing sounds dodgy af. Has any been able to get in contact with the actual liquidator? Has anyone thought about talking to the police? All i know is that some bloke called Neil is telling us we should get insurance for belongings which he is in possession of, and is uncontactable.
 
Hi guys, I am also holding my life savings in a SDB with them. I sent them the proof of everything last Monday and received nothing in the form of confirmation. I tried speaking to them today and after numerous attempts, I got through and spoke to the admin lady. I tried to argue that the contents of the SDBs should not be mixed up with the rest, that the contents are our property and it should not take this long to get access to see whether the contents are still there or not, but she wouldn't have it.

I'm all for creating a group.
 
alane said:
Insurance - I have just read again the second circular from RSM. They are advising people to get insurance? How on earth do you try and arrange insurance after the event, and who would provide such insurance?
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If they /RSM/ advising to get insurance they should know which one would be able to insure after the event-hopping there is at least one.
 
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