Perth Bullion Liquidation

Yes the gap between "paying" and holding your precious metals has now become a bit more stressful thanks to incompetence and/or greed o_O

This type of thing reflects the times we are living in and is only going to increase I would think as the supply chain tightens.

As they say - buyer beware :confused:














The Book of Psalm Chapter 12 verse 6

The words of the Lord are pure words,like silver tried in a furnace of earth,purified seven times :)
 
Safety deposit box holder here - just found out this morning while doing an email search must have missed it!

Also quietly freaking out, but trying to remain calm - I knew these guys personally they always seemed like good blokes, so I would be surprised if they have intentionally tried to steal anything. I just hope to God the boxes are still secure.

I agree with setting up a group to deal with the different parties (safety deposit box holders, unallocated, etc) - According to the latest RSM post there does not seem to be a 'readily available records list' so I imagine this is going to take some time :(
 
Abossy said:
Safety deposit box holder here - just found out this morning while doing an email search must have missed it!

Also quietly freaking out, but trying to remain calm - I knew these guys personally they always seemed like good blokes, so I would be surprised if they have intentionally tried to steal anything. I just hope to God the boxes are still secure.

I agree with setting up a group to deal with the different parties (safety deposit box holders, unallocated, etc) - According to the latest RSM post there does not seem to be a 'readily available records list' so I imagine this is going to take some time :(
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Sorry, I never had any dealings with Perth Bullion, so not sure what type of safety boxes they supplied to their customers.
Is it a similar set up to Guardian Vault or the major bank vaults where two different keys are required to open the safety box. One kept by Perth Bullion/Bank and the other one kept by the owner of the contents?
 
Aurora et luna said:
Sorry, I never had any dealings with Perth Bullion, so not sure what type of safety boxes they supplied to their customers.
Is it a similar set up to Guardian Vault or the major bank vaults where two different keys are required to open the safety box. One kept by Perth Bullion/Bank and the other one kept by the owner of the contents?
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Yes, I believe so - I have both keys to open the box, however according to the administrator there are not 'adequate records' which I find hard to believe. Would they really be this incompetent?

I get the feeling the boxes are safe for now but I'm worried about how long this is going to take. If we have the keys, surely they would just arrange a time where we could just go and retrieve the contents.
 
The fact that bank account details changed shows a premeditated fraud being committed. The fact databases are not there or accurate could just demonstrate a f**k you attitude and a deletion of records to make this harder for the liquidators but combining both together could mean a massive fraud in the last days. What would the amount of gold/silver being stored there be worth? Walking out with a few suitcases filled with gold would amount to a rather large amount and very hard to trace. Until the dust settles all of this is just conjecture but the fact that bank accounts changed to defraud customers does not fill me with confidence that nothing apart from that went down in the last days.

I was a regular customer in person at PB and they could always tell me what quantities of items i wanted they had on hand so no accurate database seems rather odd to me. /Delete.........

As my dealings were always in cash and in person i have not lost out on this but i do feel sorry for everyone involved that are currently left with no answers, my own personal concern is where i can find Queens Beasts 10oz and 2oz silver at around the same pricing.
 
Does anyone here has experienced dealing with company in liquidation? How long does the process usually take for a company of similar size? few months? 1-2year??
Safety deposit box holder here, I have stuffs in there that I need to withdraw in a few months which is important to me to make life changing decisions...
It is devastating how ignorance in a company can detriment so many people's lives.
 
Yef said:
Until the dust settles all of this is just conjecture but the fact that bank accounts changed to defraud customers does not fill me with confidence that nothing apart from that went down in the last days.
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Could anyone tell me how someone like myself that made a deposit into their old account is effected by a this?

Am I better or worse off than those that used the new account?
 
Gigrantor said:
Could anyone tell me how someone like myself that made a deposit into their old account is effected by a this?

Am I better or worse off than those that used the new account?
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Better off as you paid your money into the business account, you have a claim against that and the goods that are yours. In saying that you still wont know if you will get your goods/money til the liquidator does his thing.
New account appears to be a last ditch effort to skim some money off the top. Take what i say with a grain of salt as i am no expert on these matters and am making assumptions with the little information that is currently at hand.
 
The last major bankruptcy in the USA was for Bullion Direct and that took a couple of years. In the end people got back about 2% of what they had stored with the company. The problem is that you cannot create money to give back to people so once the business is wound up you can only distribute what is available. If, after everything has been sold, the organisation gets $100,000 for all its assets then it only has $100,000 to spread around.
 
I am not sure what the rules are on posting links to websites but http://about.ag has a few pages on a couple of bankruptcies here in the USA. Each one took a couple of years and people got back about 1% or 2% of what they were owed.
 
Safety Deposit Boxes. Are the assets held within the boxes deemed to be assets of the company or not. I would think not, only the box itself and the storage place of the box is part of the company?

Is there any indication from any source that any of the safety deposit boxes have been tampered with? If so, that would be a criminal offence and the liquidators should be involving the policy?
 
Insurance - I have just read again the second circular from RSM. They are advising people to get insurance? How on earth do you try and arrange insurance after the event, and who would provide such insurance?
 
Hey everyone sdb holder here, just stumbled across the email in my spam folder yesterday. My life savings are in that box, i should've just buried it all in the backyard ffs. My main question is have our boxes already been plundered or is the tax man going to try and get his hands on them.
 
Mike24 said:
Hey everyone sdb holder here, just stumbled across the email in my spam folder yesterday. My life savings are in that box, i should've just buried it all in the backyard ffs. My main question is have our boxes already been plundered or is the tax man going to try and get his hands on them.
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Just saw it yesterday morning as well, missed the first few earlier in the month - I hold a couple boxes, and like you it represents a sizeable part of my investments.

Try and stay calm - I got a message from one of the guys that used to work there yesterday (left a few months back) that all boxes/contents should be safe and returned eventually. Now you can take that with a grain of salt, but I think the way the boxes are setup (in trust), we ultimately own the contents and they can't be touched.

Now of course who really knows how it will play out. The second circular from the administrator clearly states that the premisis is secure and no third party property has left the building. I called up the liquidator this morning - she couldn't tell me much, but did say the premises is secure and under the control of the liquidator.

The thing that does concern me is the lack of records/paperwork - as per the second circular from the administrator. I would suggest you start digging and find all/any paperwork you have relating to the specifics of the box. Do you hold both keys? Use the link below to register and upload any supporting documentation.

https://www.rsm.global/australia/FAQ/Perthbullion

If any SDB holder has a copy of the contract, please post up here so we can examine the clauses...I have not been able to locate mine, only got the invoices for the boxes themselves.

All of us SDB holders need to register a group or something so we can keep on top of it in case they try any funny business - perhaps we could even start to research some legal options in the event they try and start claiming there is no way to prove who the holders are.
 
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
 
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