Perth Bullion Liquidation

Jeza Dunne said:
The latest circular advising people to get insurance on their locked boxes is akin to encouraging insurance fraud as far as I can see. How can you insure something you cannot even confirm is still even there? How can you take out insurance knowing there is high potential to claim without declaring that fact to the potential insurer? Who (Insurer) is going to want to put their insurance companies name to that???
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As discussed with Gladstone, they expressed similar concerns however as recommended in the circular, they are providing insurance quotes. The premium PB charged me was 76 for my contents and now it’s 500 however it only covers for the fire damage and forced burglary
 
Gladstone will quickly tell you it's not covered if anything is already missing, or if it gets stolen by a sticky fingered liquidator crew member.

Seems $507 is the minimum charge, so for 450 boxes there's $228,150 causes for "concern" by GCIB that people should follow the liquidator's arguable representation of the records.

Did anyone on here ever have a SDB rental/insurance premium bill come in late?
Me neither
 
Unfortunately people thought that their precious metals (and their future) were safe and secure by putting both in "their vault" with the promise "trust us" but still had both stolen o_O

I am now wondering how many people are requesting from other bullion houses that their precious metals be repatriated being safer "under the mattress" rather than trusting complete strangers promises with your future :confused:

As they say you don't really own it until you hold it :(

I wish you well in the fight :)

Will this happen again,probably :mad:















The Book of Psalms Chapter 27 verse 13

I would have lost heart unless I had believed that I would see the goodness of the Lord in the land of the living :)
 
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I'm sick and tired waiting!

I've potentially lost just over $1100 which took me about a year to save for as I'm on a low income.

This experience has completely disillusioned me from stacking and online shopping in general.
 
All the web site is back up, I was able to log in today and print out a copy of all my transactions from my account...i would suggest you all do the same if you can/haven't already.

I timely reminder for me...keep better records!

Cheers
 
This is good news filed today,
Application of insolvency lodged with supreme court today, hearing tomorrow 30th July
Ps wow looking to charge $350 per SDB
 
Wait so does the SDB holder have to pay $350 to get his contents back? Even though the owner of the contents have been identified?
 
fishduck said:
Wait so does the SDB holder have to pay $350 to get his contents back? Even though the owner of the contents have been identified?
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Good reason not to get SDB from Mickey Mouse players Ie not a major bank or Perth Mint.
All other SDB are hacks.
 
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 :(
 
fishduck said:
Wait so does the SDB holder have to pay $350 to get his contents back? Even though the owner of the contents have been identified?
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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.
 
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
 
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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