Perth Bullion Liquidation

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

  1. dollars

    dollars Member Silver Stacker

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    News article in the West Australian. Cant post as I don’t subscribe indicate 450 safe deposit box holders and records not easy to see.!!!Possibly someone who subscribes may be able to post further details
     
  2. Bullionme

    Bullionme New Member

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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.
     

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  3. fishduck

    fishduck Member

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    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.
     
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  4. Abossy

    Abossy Member Silver Stacker

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    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
     
  5. sammysilver

    sammysilver Well-Known Member Silver Stacker

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    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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  6. fishduck

    fishduck Member

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    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.
     
  7. fishduck

    fishduck Member

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    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?
     
    Last edited: Jul 22, 2019
  8. Abossy

    Abossy Member Silver Stacker

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    Further up this chain it was stated by someone that Gladstone (the company they used to provide insurance) visited the premises and no claims were necessary as yet.

    I think they misspoke - who the hell is going to provide insurance after the fact. I think he might have been referring to other creditors such as unallocated/allocated storage...i.e. start the process of making a claim.
     
  9. Abossy

    Abossy Member Silver Stacker

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    Let's hope there is one...
     
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  10. fishduck

    fishduck Member

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    Well if the box holders have complimentary insurance (plus extras) from Gladstone, can't they just go to Gladstone and claim from them if they can confirm that some stuff are missing?
     
  11. ScroogeMcDuck

    ScroogeMcDuck New Member

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    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
     
    Last edited: Jul 22, 2019
  12. fishduck

    fishduck Member

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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?
     
  13. Bullionme

    Bullionme New Member

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    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..
     
  14. StewyD32

    StewyD32 Well-Known Member Silver Stacker

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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
     
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  15. jultorsk

    jultorsk Active Member Silver Stacker

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  16. fishduck

    fishduck Member

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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?
     
  17. Mike24

    Mike24 New Member

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    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.
     
  18. Bullionme

    Bullionme New Member

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  19. 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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  20. Sam12

    Sam12 New Member

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    Let us know if he provides any useful feedback
     

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