Perth Bullion Liquidation

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

  1. 66rounds

    66rounds Well-Known Member Silver Stacker

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    You are reffering to an entirely different situation where scrupulous individuals attempted to rob the Government of GST. This did not involve PB.

    PB were buying GST free bullion from Perth Mint and on selling it like many other dealers GST Free. The ATO then decided it was not GST free because it has a "collectible design". Except that rule does not apply to government owned Perth Mint.
     
  2. Sham Bolic

    Sham Bolic Member

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    Been trying to get a quote all day to transport the stack over east - its like pulling teeth - 1 failed to answer email AT ALL all day - Armaguard gave a rough quote but wont give exact quote until setting up an account - and Brinks, get this, wont even give a quote without filling out a 2 page pdf asking for address, source of income, contingency plan upon death (wtf?), social security number and passport number - and not just passport number but copy of passport - this just for a goddamned quote not even at contract stage - what the hell is going on in Australia? Anyone know why transport companies are so anal here?
     
  3. alor

    alor Well-Known Member Silver Stacker

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    may be there is a sub section, that got inserted into a 20,000 pages of legislation each time a new law is being passed,
    we need to get this passed into law, so that we can find out what they are :) and read them
    if we are online, and with just a click then the law is updated, wow... there is no way to know what is the law, the itchy hands keep clicking update on that mouse
    we are under different tax regime, hence the understanding would be way off
    even the tax office can have variations of interpretations then the dealers are doomed
     
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  4. iceblue

    iceblue Well-Known Member

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    Again your wrong, get your facts straight, you have no idea what your talking about.
     
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  5. dollars

    dollars Member Silver Stacker

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    Any update regarding the success or not of the latest application?

    Just checked court listing hearing tomorrow
    Looks like five or more represented parties to question application
     
    Last edited: Sep 11, 2019
  6. Askari

    Askari Member Silver Stacker

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    Yeah, I disagree. If these expenses are paid for out of the assets of the company, effectively the creditors of the company pay for the liquidator to deal with 3rd party assets. Somewhat a grey-zone whether these are costs incurred in the winding up of the company. Thus you'll find different approaches across different liquidations.
     
  7. Sham Bolic

    Sham Bolic Member

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    Youve got it ass backwards - why should 3rd parties pay for creditors of the liquidated company - creditors voluntarily engaged in extending credit to a company - 3rd parties didn't - 3rd party property holders already own their own property - what part of this dont you understand you liquidation industry shill?!
     
  8. dollars

    dollars Member Silver Stacker

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    effectively the creditors of the company pay for the liquidator to deal with 3rd party assets

    That the company have contracted and received consideration from the 3rd party to supply a service as part of their business

    You may disagree but there is no doubt in my mind.I believe it is unreasonable to expect consumers to reinsure after insurance has been paid. I believe it is unreasonable to ask/demand an indemnity. I believe it is unreasonable to ask/demand a $350 $3300 fee after a consumer has paid a consideration for the service contracted and supplied by the business .

    Interesting to see how the most recent application goes now that there may be some opposition to the reasonableness of the orders sought
     
    Last edited: Sep 12, 2019
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  9. Askari

    Askari Member Silver Stacker

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    You are aware that creditors of the company include unallocated holders and employees, ey? Not just the bank and suppliers who extended credit. Why should they pay the liquidator to give other people their stuff?!
    And Sham - no need for rude language. Grow up...
     
  10. dollars

    dollars Member Silver Stacker

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    Why should they pay the liquidator to give other people their stuff

    Because it is part of winding up the business ( they don’t actually pay but it does come from the company funds )

    You haven’t mentioned the insurance, indemnity or excessive fee aspects of the case. Do you have a opinion on these?
     
  11. Askari

    Askari Member Silver Stacker

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    You call it company. I see it as assets and a bunch of ppl who are owed money. Maybe that's why I view it as who pays for what.

    So whilst I think reimbursing the liquidator for all costs incurred in dealing with sdb holders is reasonable, the amount of $150k ($350x450) seems high, even when incorporating identification & distribution of assets, security, comms with sdb holders, legal & court costs, etc. Though I guess legal costs (& senior staff time) may be out of whack if many sdb holders are challenging the liquidator. And that may also be the justification for the higher cost for large sdb holders, as they'd probably be the ones engaging their own solicitors. Obvs this is speculation; I still haven't read the Court application and haven't seen the rem report. Would be interesting to know how the liquidator justified the different fees.

    Re the indemnity, I'd expect nothing else from a liquidator given he is personally liable for certain post-appointment debts and wants to expedite the winding-up. But as a sdb holder I would seek legal advice and liaise with the insurance company to make sure I am protected in case my holdings are gone, possibly taking out a new policy as suggested by the liquidator. I don't think I'd execute the indemnity without making sure my stuff is there and/or I know I am protected.
     
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  12. gsswan

    gsswan New Member

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    I had a SDB & got my stuff.

    I sort of expected to pay but the way I see it is if the RSM charges are reasonable for associated work involved in distributing 3rd party property.

    If there was no 3rd party property in the building RSM probably in the 1st month would of emptied the building & there would be a for sale or for lease sign on the building, they are only still incurring costs on the building to necessitate the distribution of 3rd party property.

    1 month, 3 months or however number of months they have to keep the building going will cost money & RSM have gone to where the money is.
     
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  13. Askari

    Askari Member Silver Stacker

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    Very true, they probably allocate the lease cost to sdb holders. Good call
     
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  14. dollars

    dollars Member Silver Stacker

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    Former Perth Bullion Company employee Melissa Anne Langridge admits stealing $34,000 worth of coins from Cloverdale dealer

    Just saw headline in West Australian site can’t post as not a subscriber
     
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  15. herkyderky

    herkyderky Member

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  16. gsswan

    gsswan New Member

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  17. SpacePete

    SpacePete Well-Known Member Silver Stacker

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    Been away for a while and come back to this unfortunate news. Any updates? I had a small amount of unallocated silver still with them (2kg) which I assume is gone. I hope people with large holdings got at least some of their PMs back.
     
  18. sctpc

    sctpc Active Member

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  19. StewyD32

    StewyD32 Well-Known Member Silver Stacker

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    Will be eager to see what happens on the 7th in court and if any other information will surface.
     
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  20. ozcopper

    ozcopper Administrator Staff Member

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