Perth Bullion Liquidation

'Surely selling back to dealer “usually” occurs after death, bankruptcy or immediate need.
Or got into it in a small way than want to get out later without fuzz.
 
Hi, just a suggestion: if you wouldn't mind moving the generic conversation on buying / selling metals to perhaps another thread. I am a SDB holder with PB and I anxiously follow this thread for new information relating to this specific situation. I know there are others in the same boat. Please understand and don't take it the wrong way.
 
Some people, myself included are in the process of setting up a dedicated comms channel...scroll further up for details on that.

I just called RSM and they said another circular should be issued in the next day or two (so they are answering calls, they are just inundated with requests). According to the woman I spoke to they are just struggling a bit to put together everything, so if you haven't already make sure you use that web form they have to submit your details and attach any pertainent docs. I'm even going so far as to attach actual photos of my keys with box number.

I've also called Gladstone Insurance waiting to hear back I'll ask if they have any details.

Will post back here when I speak to them.

I will also say this - I did get an email on the 18th July from PM email address with a single PDF showing one of the box details, but didn't get one for the other one. Did anyone else receive that? Just had the box, key number and invoice date. They definitely have records, but they maybe be a bit all over the place. I'm struggling to find my original agreement but do have copies of all the invoices which have the box numbers on them (and of course the keys).
 
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Itsme said:
Hi, just a suggestion: if you wouldn't mind moving the generic conversation on buying / selling metals to perhaps another thread. I am a SDB holder with PB and I anxiously follow this thread for new information relating to this specific situation. I know there are others in the same boat. Please understand and don't take it the wrong way.
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You joined only 2 days ago and you are telling people what to do :rolleyes: you should fit in just fine :D














The Book of Timothy - Timothy 1 Chapter 6 verse 6

Now godliness with contentment is great gain.For we brought nothing into this world,and it is certain we can carry nothing out :)
 
mrsilverservice said:
You joined only 2 days ago and you are telling people what to do :rolleyes: you should fit in just fine :D

Sorry, I did not realise there was a hierarchy I needed to fit in with. My bad :). Please ignore if you find no value in my suggestion.












The Book of Timothy - Timothy 1 Chapter 6 verse 6

Now godliness with contentment is great gain.For we brought nothing into this world,and it is certain we can carry nothing out :)
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Abossy said:
OK spoke to xxxx - there is some information RE the services they are still offering which I can't get into specifics as it was a confidential conversation, so I encourage any SDB holders to call them here in Perth. They have been a bit overwhelmed so they might take a while to call back.

They agreed the last circular wasn't very helpful in terms of lack of records and as such they have been fielding a large number of calls. Obviously their interest is that all SDB holders get access to their property ASAP due to their exposure so that is encouraging as they would help put the pressure on. Having said that however it is incumbent on all SDB holders to seek their own legal advice - again perhaps we could do this as a co-op once we get a sizeable group together.

Anyway that's all I have - we should get another circular this week. Call xxxx if you haven't already and get all your paperwork together if you haven't done so already. Also do your own research and begin seeking legal advice if you feel compelled to do so. Optimistic we will still get our property back, just might take a bit more time to get to that stage.
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Thank you!! Much appreciated!
 
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Itsme said:
Hi, just a suggestion: if you wouldn't mind moving the generic conversation on buying / selling metals to perhaps another thread. I am a SDB holder with PB and I anxiously follow this thread for new information relating to this specific situation. I know there are others in the same boat. Please understand and don't take it the wrong way.
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They are discussing where to find the same service that Perth Bullion offered on a thread called "Perth Bullion Liquidation". i find it rather relevant to this thread. I can understand your angst but perhaps you should start a thread called "SDB Owners Perth Bullion" and not dictate to others what they should talk about in a thread that is not specifically directed at what is relevant to you. Just a suggestion, dont take it the wrong way.
 
So anyone know if the unallocated people will ever see the value or be able to paymore for the gold they own?
Very little info but Unallocated you are told you own Xgold and only need to pay the spred to get physical.
 
sctpc said:
So anyone know if the unallocated people will ever see the value or be able to paymore for the gold they own?
Very little info but Unallocated you are told you own Xgold and only need to pay the spred to get physical.
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Unallocated means you have rights to gold assets owned by the company. The company is in liquidation and hence you will be pooled with creditors. You don’t actually own the gold.

Allocated Generally means the agreement obliges the company (if no funny business occurred) and the standard agreement is to hold your gold as your outright property, under a custodial or safe-keeping contract in your name.
 
SilverDJ said:
Correct. All are backed by physical metal and also the government guaranteed. This is unlike all other storage programs in which unallocated is not safe if the company goes bankrupt.
I presently have all mine in unallocated as a result.
And because they are government owned I'd expect them to have extensive bureaucratically controlled processes in place for ownership data etc. I'm sure Bron can fill us in on that?

I don't want to shill for the Perth Mint, as I wasn't happy with their data breach some time back, but they are still the best game in town in terms of safely storing your metal.
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Until the government decides it needs the gold to back the currency, and do an executive order 6102 on your *$$. Haha (only half joking).
 
When I spoke with RSM early last week I got the impression that they need to confirm all SDB holders before anything happens, eg. 100 SDBs they need 100 owners to all submit their ownership documents before anything happens as they can't have 2 people claiming same SDB.
 
If you don’t want the return of your possessions to be tied to the determination of ownership of 450 SDB’s – months and months…

I'd like to hear from anyone or any group who would like to enter into discussion about seeking a court order to force the liquidator to return our possessions to us.
 
I’m a SDB holder. I want my stuff back, like now. I’ve been reading these threads and making investigations. Insolvency practise is governed by ASIC and the corporations act 2001. If you feel powerless and want to do something, go to ASIC’s website and make a complaint about the liquidator not doing their job properly. Big brother will breath down Mr. Cribb’s neck if enough public concern is shown.

RSM however would be in breach as a prudent liquidator if they start to release any part of the ‘insolvent estate’ so this is why they cannot make any undertakings as to a timeframe. What they CAN do is go to their meeting of creditors and recommend that people’s private possessions be returned to them.

Unfortunately they say that it’s a priority for them and that protocols are being established however ‘as soon as reasonably practicable’ means that we are on their timeframe.

The way to *force* them to commit to a timeframe is to make an application to get a court order. One individual on their own would be unlikely to be successful in convincing a judge that aside from a life or death situation the judge should think there is a case to tell the liquidator to ‘hurry up’

However if a group of individuals brought about a ‘class action’ type application to a court, grouped together, the power can often go to the people. We just want to secure our goods. This might attract a judges’ attention and a possible outcome might be that a court order could bind them to nominating a date by which they would return the contents of the boxes, with disregard to other’s boxes where ownership was still under dispute. Shared legal costs are a bonus.

We just need to keep beating them with a big stick, and these are the ways that I have found could work. Please get in touch if interested.
 
A note on Insurance:

Good news for some. The underwriters are going to honour the insurance 10k on each and every box. This doesn’t help you if you have 300k in there…..however the broker is sure that additional insurance can be purchased and honoured even though the boxes are ‘under judicial attachment’. Ie the liquidator has possession and they are attached to the insolvency until third party ownership is unequivocally established, the contents of these boxes can then be detached from assets available to creditors but not necessairily returned.

Many things that the liquidator said in the recent circular are just wrong which is interesting as they have a duty of care. Throwing us all into mayhem however buys them time and limits their liability if we look after ourselves and spend money on insurance in case they stuff up.
 
King kong said:
A note on Insurance:

Good news for some. The underwriters are going to honour the insurance 10k on each and every box. This doesn’t help you if you have 300k in there…..however the broker is sure that additional insurance can be purchased and honoured even though the boxes are ‘under judicial attachment’. Ie the liquidator has possession and they are attached to the insolvency until third party ownership is unequivocally established, the contents of these boxes can then be detached from assets available to creditors but not necessairily returned.

Many things that the liquidator said in the recent circular are just wrong which is interesting as they have a duty of care. Throwing us all into mayhem however buys them time and limits their liability if we look after ourselves and spend money on insurance in case they stuff up.
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Hi KK,
Let's say you buy that insurance and there's some wrong doing.

If it's before the liquidator took over aren't you still uninsured?

I've been informed by GCIB any cover offered for new policies will only cover fire and peril i.e. forced entry or violent robbery. So if the liquidators dog eats your nuggets that will not be a good result for anyone except the dog and the insurer.

Best result here is for the liquidator and insurer to get their s**t together and announce what happened to all the premiums we paid.
 
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