Perth Bullion Liquidation

Discussion in 'General Precious Metals Discussion' started by nighttrader, Jul 9, 2019.

  1. Bullionme

    Bullionme New Member

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  2. Mike24

    Mike24 New Member

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    Oh sweet, thanks Bullionme, he seems pretty reputable, l'll give him a buzz
     
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  3. Sam12

    Sam12 New Member

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    Let us know if he provides any useful feedback
     
  4. StewyD32

    StewyD32 Well-Known Member Silver Stacker

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    It was just a coincidence.
     
  5. Itsme

    Itsme New Member

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    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.
     
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  6. madaw1

    madaw1 Well-Known Member

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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.
     
  7. ozcopper

    ozcopper Administrator Staff Member

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  8. fishduck

    fishduck Active Member

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    Yeah, I just went to their website this afternoon :(
     
  9. fishduck

    fishduck Active Member

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    Could I ask what you mean by contents of the SDB mixing up with the rest? Are they just mixing everything categorically or are they actually moving the inventory and mixing it up with others?
     
  10. cracka stacka

    cracka stacka Member

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    Who are the real crooks here? You think its Perth Bullion? The real crooks are the taxation department and the liquidators. PBC and anyone who had holdings with them are the victims. You think the liquidator is just going to automatically send you your stuff? They don't want to. They would rather it go unclaimed and then they get to keep it. Maybe you lost or deleted your invoices and have no way to claim, then they get to keep it. That's why they will make it as hard as possible and jerk you around until you feel like its all hopeless and just leave it. Or maybe you wont even here about the liquidation in time and then its too late. You think this Neil bloke is doing this for fun and to help people? He is doing it to make money and cash in, so of course they will come up with all kinds of BS like missing records etc. Maybe PBC told a few people to pay them into another account so that they could ship them stuff without the liquidators knowing about it. Maybe they wanted to ship out a last few orders and had to tell people to pay the shipping cost into a new account as the liquidators had taken over the old one. Who knows but I doubt they were trying to scam people.

    All speculation of course but at the end of the day, the message here is that the liquidators will jerk you around, believe that.
     
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  11. Itsme

    Itsme New Member

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    I meant that I understand that, for example, for the allocated / unallocated stock there needs to be a reconciliation process, and for all the other matters that have to do with the finances of company there has to be a review, but if I hold my property in their boxes and I provide proof for it and the SDB number, I see this as a straight-forward process, which should take priority over the other investigations. Yeah, one could suppose all sorts of ulterior motives...
    Or am I wrong??

    Another huge red flag is that people here had access to their records for a while after the liquidators took over, which goes against their claim that there are no records. This is worrying!!
     
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  12. Bullionme

    Bullionme New Member

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    Also, how are they able to email all who are involved in this when there are no records
     
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  13. Itsme

    Itsme New Member

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    I fully agree!!
     
  14. fishduck

    fishduck Active Member

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    I'm going to ask this simply from skimming on what a PPSA is for now, but isn't this practically telling a government body what you're actually owning? I get that registering gives you protection when a liquidator is involved but from my understanding, some of the stackers here didn't seem fond of having any government body know that they are stacking PMs and how much they're stacking.

    I'm quite happy to debate and look further into this but wanted to be sure on what gets involved
     
  15. President Trump

    President Trump Member Silver Stacker

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    PPSA does not apply to safety deposit boxes.
    For the Personal Property Security Act (PPSA) to apply there must first be a "Security Interest". the definition of Security Interest is drafted very widely, and it captures certain arrangements that would not previously have been regarded as a security interest, such as consignments and leases but it is not so wide as to capture safety deposit boxes or their content. The property remains the depositors. There is no Security Interest and no registrable interest under the PPSA.
    You can read the definition of a Security Interest in section 12 of the act here: http://www8.austlii.edu.au/cgi-bin/viewdoc/au/legis/cth/consol_act/ppsa2009356/s12.html
    I'm sure that if you go to register an interest they will accept it (given they are paid to do so) but the registration can't give you any greater legal right.
     
  16. PMstack

    PMstack Member

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    I have SDB's there too, one for SMSF and one personal - latter one only rented since January... We have documentation but I'm sure not everyone will.

    How can there be such shoddy records? I have emails with all "note added to your account" messages that include any order numbers etc. My account had info in it.
    I was able use the links until yesterday, today the link goes to a site notifying the webpage has been parked. Why is the liquidator taking steps to make life difficult for those relying on their account?

    If it's not organised yet let's start talking about when is a good time to gather. Whinging on a blog does othing to make RSM pull their finger out.

    Unfortunately most people will be most available when the liquidator is not. How about we try to get him out on a Saturday morning? First Saturday of July? Out the front of PBC? If enough people call him to attend it won't matter if he comes because we will get the attention required to make him respond. It may even do a favour for the industry by shedding light on the circumstances brought about by the tax laws leading to this (if that's all there is to it....).

    I'm sure everyone here has been searching Google to find out more. FYI I did a duckduckgo search and found the results were HEAPS more pertinent.

    Good luck to those who rely on luck.

    For the others good luck with the phone calls, emails and meetings - I'll look forward to discussing this with you.
     
  17. iceblue

    iceblue Well-Known Member

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    Pretty close to the mark i reckon.
    People do you really think this bloke is going to package up your goods and send them to you? Do you think he will offer refunds? Maybe if your lucky you will get a small window providing you have all the documentation to have access to your SDB in person, dont hold your breath.
    When he is telling people to get insurance - read between the lines - ya gonna get screwed.
    If Iam proven to be wrong and you get your metal/refunds then thats a great outcome for all those that have been caught up in this mess.
    Be aware of the tactics being used to turn public sentiment against PBC.
     
  18. Bullionme

    Bullionme New Member

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  19. fishduck

    fishduck Active Member

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    Hey guys I'm actually curious as to what kind of scenario SDB holders could get screwed over by as you would think that if you have a box and can prove that you have ownership of the contents of the box you have leased, you should get your stuff back unscathed.

    I was wondering why SDB holders would be worried if this would be the likely outcome unless they would think otherwise. I would like to know what could possible go wrong for SDB holders when the process should be straightforward in their case.
     
  20. Abossy

    Abossy Member Silver Stacker

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    There are 450 safety deposit box holders, many of them with a large chunk of their wealth I would bet.

    I'm not sure any of them would sit quietly while they try and steal the contents. Gladstone also would have significant exposure in the way of insurance I would imagine they would fight tooth and nail to ensure the contents are returned.

    If it comes to it, and let's hope it doesnt, but I'm sure there are legal options that could be pursued to file some sort of injunction to stop them illegally accessing the boxes. They would have to drill out all the locks in order to get to the contents how the hell are they going to think they can get away with that when you have an army of people with invoices, keys and other paperwork showing they are the licensees of the boxes.

    You have valid points though and I do believe they will make.it difficult but I'm not sure the administrator has some agenda other than to ensure all property is returned to the right parties. Given the last circular they may not have an ex employee or director helping them, they may just be trying to wade through all the shit on their own.
     

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