Perth Bullion Liquidation

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

  1. mrsilverservice

    mrsilverservice Well-Known Member

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    To me the moral of this story/saga is NOT to trust anyone with your precious metals no matter what they say including the banks :confused:

    As I see it from now on you have no one to blame but yourself if your stuff goes missing,and if you still want to blame someone else you are still the loser at the end of the day left empty handed :eek:

    There is a million places that you can secure your stuff,think outside the box,take responsibility yourself :)

    Yes you might loose a few perks but will likely have your stuff when you need it and likely until the end :D













    The Book of Jerimiah Chapter 17 verse 9

    The heart is deceitful above all things,and desperately wicked,who can know it :(
     
  2. Gigrantor

    Gigrantor Member

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  3. SilverDJ

    SilverDJ Well-Known Member

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    Seems so. Not surprising, the liquidator doesn't work for free. It's either charge a fee to each holder for the service or try and somehow take it out of the job lot later from what's left over on the company books.
    I don't know, but I would presume that the liquidator gets first bids as a creditor for their service. Probably legally easier to charge a service fee to each box holder.
     
  4. dollars

    dollars Member Silver Stacker

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    I believe if you don’t agree to extra insurance or extra service fee you you don’t have to pay for it! Safe deposit group should check with legal advice however that alone will cost $350 plus per hour.

    450 deposit box holders x $350 service fee= $157500

    450 deposit box holders x $500 insurance fee = $225000

    A big ask considering most deposit box owners would have paid in advance for the service and would arrange collection if they weren’t prevented from doing so !

    I believe in the rare coin case almost everyone collected their goods regardless
     
  5. bubblebobble2

    bubblebobble2 Well-Known Member Silver Stacker

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    Nice one... kick 'em while still down..
     
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  6. JohnnyBravo300

    JohnnyBravo300 Well-Known Member

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    If you dont hold it you dont own it. Perfect example right here.
     
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  7. Sham Bolic

    Sham Bolic Member

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  8. SilverDJ

    SilverDJ Well-Known Member

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    No actually, you still legally own it, it's just harder to get at and you have to pay a fee to get it back because they shut down.
     
  9. MM Legal

    MM Legal New Member

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    Perth Bullion Co Liquidation – Your Rights as a Customer/Investor

    Mendelawitz Morton Commercial Lawyers is currently assisting customers/investors in relation to the liquidation of Bullion Bourse Pty Ltd trading as Perth Bullion Co.

    We are providing legal advice, assistance and representation to customers/investors in relation to:
    • access and rights to bullion held;
    • access and rights to the contents of safety deposit boxes;
    • rights and claims under insurance policies;
    • dealing with the liquidators in relation to the above and generally.
    Mendelawitz Morton Commercial Lawyers is an established Perth law firm experienced in all areas of commercial law including insolvency. If you require assistance, please contact Director, Ben Morton as follows:

    Ben Morton
    Director
    Mendelawitz Morton Commercial Lawyers
    Level 2, Suite 7, 20 Kings Park Rd
    West Perth WA 6000
    Telephone: 08 9481 8811
    Email: [email protected]
    https://www.mmcl.com.au/
     
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  10. bubblebobble2

    bubblebobble2 Well-Known Member Silver Stacker

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    ^^^^
    Sounds expensive.... how much over spot?
     
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  11. Sham Bolic

    Sham Bolic Member

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    Any idea how the hell anyone figures its OK to slug SDB holders $350 to get their own property back when we never signed any contract for the Liquidator's services? It's a farce!
     
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  12. Bullion Baron

    Bullion Baron Well-Known Member Silver Stacker

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    Regarding the $350: I am no lawyer, but to me it reads as a limit (to cover expenses and remuneration relating to identifying, preserving and facilitating the return of SDB Goods). It may be the case that the liquidator doesn't charge the majority of those picking up their SDB. It would be reasonable, for example, if the liquidator had to arrange transportation, that there would be a cost associated with that and it is passed onto the SDB owner.

    Don't get me wrong, if the liquidator ends up charging $350 to every SDB owner in a grab for cash then it seems pretty unfair, but they may end up charging a lot lower fee (or none at all) for the easier pickups.
     
  13. mrsilverservice

    mrsilverservice Well-Known Member

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    Yep life is not always fair :confused: but the main thing is you get what is yours :)

    Remember for next time - a bird in the hand is worth two in the bush :D













    The Book of Psalms Chapter 34 verse 7

    The angel of the Lord encamps all around those who fear Him and delivers them :)
     
  14. Sham Bolic

    Sham Bolic Member

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  15. Bullion Baron

    Bullion Baron Well-Known Member Silver Stacker

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    That is a court order, not a statement by RSM. It provides permission and guidance for the process the liquidator should take to disperse the goods to owners. I'd imagine some other communication from RSM would be forthcoming to those who've submitted their documents / proof of ownership.
     
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  16. dross

    dross Active Member

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    Great news people can get their stack back. I will refrain from my personal thoughts regarding the $350.00 and liquidators handling of this matter.
     
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  17. Sham Bolic

    Sham Bolic Member

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    Youre quite right - i called RSM and they said they will email some info soon.
     
  18. Sham Bolic

    Sham Bolic Member

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    Well i wont refrain - i think it stinks! and i'm sure many others do too. however i can easily see how after the fear of 100% loss for the past 3 weeks will cause most to begrudgingly accept it to quickly get past this whole mess!
     
  19. innerpath

    innerpath Member Silver Stacker

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    I think I still loose everything because mine was a “BackOrder” and so there is nothing for me to collect. BackOrders are not mentioned in the latest communication
     
  20. Sham Bolic

    Sham Bolic Member

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    Email now being sent out by the liquidator (RSM)
    ________________________
    This email update should be read in conjunction with previous correspondence issued to interested parties which can be accessed at www.rsm.com.au/perthbullion.


    As you may be aware, I recently made an urgent application to Court seeking directions as to how to deal with property of third parties. The matter was heard by the Supreme Court of Western Australia on 30 July 2019 on an expedited basis and orders were made on that day. A copy of the Orders is attached.


    At the hearing, a lawyer appeared for some unidentified safety deposit box holders and my solicitor also made submissions to the Court.


    The way is now clear for me to commence the process by which the property of third parties may be returned to them. In this regard, a further circular will be issued to all creditors and other interested parties by close of business Friday 2 August 2019. Details of the Court approved protocols for release of third party property, including the manner in which appointments must be made for collection of property, will be provided in the circular.


    Your ongoing understanding and patience is greatly appreciated.


    Neil Cribb

    Partner – Restructuring & Recovery



    RSM Australia Partners

    Level 32 Exchange Tower, 2 The Esplanade Perth WA 6000
     

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