Perth Bullion Liquidation

We need a crash course (like 1-day) in case examples of past West Australian Liquidation outcomes - how often are they unscrupulous?

 

6.1
Release
Upon execution of this Deed by each Customer, each Customer absolutely and irrevocably releases, waives and forever discharges the Liquidator and any of his partners, employees, officers, advisers and agents, RSM Australia Partners and RSM Australia Pty Ltd from any and all Claims which the Customershave or, but for the execution of this Deed, may have against the Liquidator and any of his partners,employees, officers, advisers and agents,
RSM Australia Partners and RSM Australia Pty Ltd arising from or otherwise relating to or connected in any way with any of the following, whether occurring before, on or after the Effective Time:
(a)
the Goods;
(b)
any Missing Goods;

 

6.2
Bar
The Liquidator and any of his partners, employees, officers, advisers
and agents, RSM Australia Partners and RSM Australia Pty Ltd
may plead this Deed as a bar to any Claims made or actual proceedings commenced by
a Customer (or anybody claiming through them or any of them) against the Liquidator or any of
his employees, officers, advisers and agents.

 

"5.
No representations, warranties or undertaking
Each of the Customers acknowledge and agree that, save as expressly set out in this
Deed, they have not relied on any representation, warranty or undertaking of any kind
made by or on behalf of the Company, the Liquidator or any of their respective
employees(including former employees of the Company), advisers and agents."

So what does this mean - sounds like they're saying "doesn't matter that we told you before that your stuff was intact - if it isn't we're not liable" ???

 

Translation:

"I am altering the deal. Pray I don't alter it any further!"

 

It's trivial and would legally cover their butt to just announce an open day were everyone comes down with their key and if the key fits the lock number you say is yours, the contents are yours, sign here as taken sir. How is this not a thing?
Ooh... I get it, because you can collect $350 for passing go each time... of course!

 

I have always thought Banks, Insurance, Fuel companies to be the scum of the universe But Liquidation Companies are a new high.
With there lies about no records and now saying if you dont get your stuff you have the privilege of paying $350 in the hope you get your PM back if not tough luck.
OMG I feel for you people who are being forced to bend over for the ATO and RSM.

 

I do wonder how many have gone bust before, both here and overseas?
Is there a list?
Maybe there should there be a Wikipedia list of known failed SDB/Vault companies?

 

I don't think this is about failure of a stand alone sdb/vault business. Trust me, the fees Guardian vault charges...

This is the failure of a bullion company who just so happens to offer those services. There would be a fair few of those, several high profile ones in the US. Eg. NWTM, Elemetal...

 

more like gst imposed failure
when you make 50 cents for each item, $24 etc

when you deposit small changes, coins into banks, they charge 5% service fee
when you spent that money, there 10% gst

so -0.05, then -0.10 , before you enjoy the spending your dollar, 85 cents remains
wondering why the items are 85% their former self

inflation -0.02

and so on ...

 

Right now the concern is that Deed of Release - it has to be signed and submitted BEFORE the Liquidator will grant access to the vault. If access isnt achieved by Sept 30 thats it - they keep it all. (This is a barely even time to get a lawyers appointment at this stage). But signing the Deed of release basically agrees to signing away all rights in the event of bad outcomes upon collection (eg empty box) - and yet there is no way to know what happened before July 9 when the Liquidator first took control of the premises. This is a stitch up!

 

From yestrday's statement on the Liquidator's webpage;
"Collection of Goods from a Safety Deposit Box
Please ensure you have:
1)
Provided a copy of a signed application form;"

Anyone know what this means?

 

I had exactly the same question as I'm sure others do. I've sent a question to the liquidator to clarify this. From memory my application form was printed, signed, witnessed etc and posted back the PB (years ago).

I foolishly did not scan a copy of the "signed" form.

If/when I get a response I'll post an update here. I have other records of the box including invoices, content audits etc but let's see how hard they want to play.

 

I agree it's a total rort but at least they are giving the option of posting your goods to you. I imagine the postage and handling fees alone will bring tears to the eyes.

Should you wish to have your goods posted to you, please make your request by telephone on (08) 9261 9400.
Upon payment of the expected postage, we will arrange postage of your goods.

 

Yes, include any company that has a SDB service.
The point would be to show how often these companies fail.

 

Wait, what - you mean application form for the PBC SDB? I though this meant the application form for an appointment to collect stuff? Application form for the SDB - who would still have that? I cant even remember applying - was 6 years ago. Surely 6 years of payment receipts is sufficient? If they are going to deny access based just on not having a copy of the application from - perhaps we'd be better NOT signing the Deed of release until after getting legal advice? This is getting freaky

 

it seems there is just a handful of us here that are interested in this - where are the other 1000 or so people affected? I am surprised and disappointed that there appears to be no group communication set up on this? is everyone just accepting the liquidator's word at face value?

 

There are established telegram groups. Check the thread. Why do you assume there are thousands affected? There were only 450 SDBs.

 

"More than 1,000 enquiries have been received to date, primarily in relation to third-party goods."
https://www.rsm.global/australia/sites/default/files/media/third_circular_dated_2_august_2019.pdf

 

What on earth is a telegram group?