Simple answer is more days = more pays
These guys get paid before the ATO and creditors (including those with superannuation in unallocated storage)
Maybe when they know the carcass is dry they'll let the hyenas in
Perth Bullion Liquidation
- Thread starter nighttrader
- Start date
These guys get paid before the ATO and creditors (including those with superannuation in unallocated storage)
Maybe when they know the carcass is dry they'll let the hyenas in
Only one winner comes out of this - the liquidator
Ian Gillman
Active Member
That is always the way with bankruptcies, the liquidators have first pick of the assets and the long time creditors come last. The liquidators will charge a very large amount for their services that will get cut down by the courts to a slightly smaller but still very large amount and then the scraps will be thrown to everyone else. You will probably see 1%-2% of what they owe you if you have unallocated bullion with them.
dross
Active Member
If these guys are the same as the ones who worked on the company i used to work for that went insolvent, they charge anything up to $1200.00 per hr for upper management & hundreds of dollars per hr for the grunts sorting out the day to day. Also they are very much on the lookout for news and or social media articles or forums so they can head off the sheep where and when needed with legal pitfalls.
Sham Bolic
Member
Right on!
I think though they are usually coached into it by white collar parents who were also this type
Sham Bolic
Member
Its RSM Liquidators. Who was the mob you mean? (Not that theres probably any difference between any of them)
Sham Bolic
Member
The big issue here is that they also operated storage vault with safety deposit boxes - where people stored THEIR OWN ASSETS PURCHASED ELSEWHERE PREVIOUSLY. Not only do they have to pay the liquidator to access their own assets (despite already paying for storage and now not getting that as the stuff has to be removed), even worse (much worse actually) they have to sign an indemnity against legal action against ANYONE associated with the liquidator if the assets are missing!!! Has this ever happened anywhere before?
AND ....
The liquidator is the holder of the insurance policy that they are asking punters to waive the rights against
SilverDJ
Well-Known Member
Everyone wave!
The policy was held by PBC and they allotted the cover to those who had SDBs. When the liquidator came in they took over everything that PBC had, including insurance.
Their first move was to request their name be put on the policy and some changes be made regarding removal of insolvency related exclusions.
Now they cannot answer questions about the SDB holders paid policy validity until their underwriter answers.
The Expanding Man
Member
What options are left for SDB in Perth?
After this mess you still want an SDB?
Buy a safe, get insurance and get a pistol license.
Who and how do you get insurance for precious metals and why are you telling the insurance company that you have precious metals where you live? Especially in this day and age of data leakage and privacy issues occurring from top to bottom?
And by getting a pistol license, I'm guessing someone is also going to get a gun as well, along with a gun safe, where police would have absolute authority to go and inspect your house where the gun safe is. Or you can get the casual intruder who happens to see your gun safe and so on.
Just to be clear, I'm not criticising you, I'm just trying to figure out how this would work as what happened in PBC is making this a more viable option
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Very good points, but what's the alternative besides dig a hole and bury your metals? I'm not about to make a post telling you to do things that might be illegal. We are all bound by the legislative limitations of where we live. Storing at home sure beats an SDB, as anyone who wants my belongings will get a fight out of me before I let them go.
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I've heard that bullion cannot be added to home insurance but some (I think collectable) coins are ok as an added specified item.
IMO your personal safety is far higher value that whatever you may stack. Arming yourself legally puts you on a list that you have no control over, open to the usual corrupt events that happen where people get involved.
If you're getting robbed the most valuable thing you have (i.e your life/health) is not a target. OK a random break in might not count this way but if the would-be bandit knows you've got a stack what are the chances they don't also know that you're armed? Their plan will fail without being prepared to take you out.
Does anyone have a copy of the full terms and conditions of the insurance that came with the Perth Bullion SDB's? There's some but not all info at http://www.about.ag/PerthBullion.htm
If so and if not breaking any clauses please please share.
Heard that an application to remove insolvency exclusions has been made by liquidator to the underwriter. Don't know what these are but am very worried that policy might be changed in a way that SDB holders are forced to accept because changes may be allowed from original terms.
If so and if not breaking any clauses please please share.
Heard that an application to remove insolvency exclusions has been made by liquidator to the underwriter. Don't know what these are but am very worried that policy might be changed in a way that SDB holders are forced to accept because changes may be allowed from original terms.
Number 47
Well-Known Member
Getting a safe is a great idea but obtaining firearms for self defense is not legal in Australia, definitely don't do that.
Instead I'd be getting a decent security system with an audible alarm and cctv.