Perth Bullion Liquidation
- Thread starter nighttrader
- Start date
There's three we know of, out of about 25 people on the forum.....
How many more are out there??
What an absolute rort regards that 3300 fee and what sort of a shit hole do we live in where court documents regarding insolvency can be redacted. A sad indictment on Australian courts indeed!!
I would presume those three have sought legal advice which would undoubtedly include advice not to discuss their situation online due to the chances of it all ending up in court.
Make it known to the supreme Court they reject the changes being proposed tomorrow, and demand to see their stack before jeopardising insurance they have legitimately purchased. (and explain why it is unfair!)
ELB owners think about the $3300 fee legitimacy
Interstate and overseas owners consider the new 48 hour rule (I don't know what this means but sounds like they want to be able to schedule appointments 48 hours away)
Sending an email to the supreme Court, RSM and HWL Ebsworth (RSM lawyer) might get a little attention but arranging to be heard during the procedure would be stronger
ELB owners think about the $3300 fee legitimacy
Interstate and overseas owners consider the new 48 hour rule (I don't know what this means but sounds like they want to be able to schedule appointments 48 hours away)
Sending an email to the supreme Court, RSM and HWL Ebsworth (RSM lawyer) might get a little attention but arranging to be heard during the procedure would be stronger
I imagine that the 3 SDB holders who have not come forward may well be not be able to prove their false identity! Maybe too clever by half.
bron.suchecki
Well-Known Member
Likely. I remember a case once where I had a US client ring us up and he knew the account number, all account details, every transaction but he wasn't listed on the account name or as a signatory. It was some trust or done via an accountant, I can't remember exactly but the story he told us was that it was his metal but he did it through this trust/accountant, problem was that the accountant was in jail for murder and couldn't issue any instructions to us to liquidate the metal. He was obviously set it up trying to avoid the US govt knowing he had metals. Unfortunately we had to say no luck as while we thought his story was correct, we couldn't risk acting on his instructions and not the authorised signatory in our records.
I hope you are right Sammy, but also don't think it is prudent to rely on hope
We confirm the liquidator is seeking further orders from the Court on Thursday, 5 September. At that hearing he will seek an order to the effect that he is acting reasonably in requiring a SBH to sign the proposed deed so if you wish to comment on the terms this is your chance to be heard. Also he is seeking a different cost compensation for the delivery of large box holders ($3,300) so if you have comments on that quantum you should speak up. Our contact details are:-
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/”
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/”
Sham Bolic
Member
To me the most dissappointing aspect of it all was the near total lack of solidarity at the beginning - almost no-one was anywhere to be found - did 95% of the "precious metals community" really not even think to get on the internet and find forums like this to mount an organized challenge? it reminds me of the 1804 Castle Hill Rebellion where a handful of men and their dogs stood up to the Rum Corps Red Coats. The apathetic majority still just accept the self-proclaimed authority of a tiny minority. https://en.wikipedia.org/wiki/New_South_Wales_Corps
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Sham Bolic
Member
Sham, an organised front wouldn't have changed a thing. It is absolutely reasonable that sdb holders pay to access their metals. If you think about it, why should creditors of the company pay for the liquidator to deal with other people's assets? Or should the liquidator work for free?
In any case, I don't think the Court would have ruled in any other way, even if 450 sdb holders made an appearance at the hearing.
Now regarding the increased cost for large sdb holders, I'm not sure what that is about. Haven't read the request for directions.
I just want to get people to see it from all sides before screaming how unfair everything is. It's a company liquidation. A lot of pain to go around...
P.S. No affiliation with Perth Bullion or the liquidator, just familiar with the insolvency industry.
In any case, I don't think the Court would have ruled in any other way, even if 450 sdb holders made an appearance at the hearing.
Now regarding the increased cost for large sdb holders, I'm not sure what that is about. Haven't read the request for directions.
I just want to get people to see it from all sides before screaming how unfair everything is. It's a company liquidation. A lot of pain to go around...
P.S. No affiliation with Perth Bullion or the liquidator, just familiar with the insolvency industry.
Sham Bolic
Member
1stly - the safety deposit box holders OWN property was stored there - it was NEVER the company's assets - this was a completely separate side of the company unrelated to the retail side that the GST was applied to - so you've got it ass backwards - why should 3rd party asset holders pay for the liquidator to deal with other people's GST debts? Answer that and stay fashionable! 2ndly - all the pain was completely unnecessary - brought on by the ATO arbitrarily slapping an ambiguous interpretation of GST rules that purportedly were never applied before to this company OR to any other bullion retailer. All for what? - absolutely NOTHING positive has been gained by anyone here - not even the effing ATO who ignited it all - as there wont be anything left to get their GST from. Just mindless destructive bureaucrats!
Sham Bolic
Member
This has done massive damage to Perth's and even Australia's reputation as a precious metals hub - everyone i've told overseas has been gobsmacked and will not be buying any more Perth Mint product ever again - they'll source from Switzerland or US from now on - Australia has blown it here!
Tax legislation gives them authority. They are the Australian IRS that collect GST from all goods and service providers, registered or not.
They're not claiming GST on the stored property, they claim that Perth Bullion didn't appropriately collect GST from their precious metal sales and owe the Government $$$$$. This caused PB to go into liquidation, and thus everyone's stored assets in PB vaults are in the hands of the liquidators who seem keen on rorting the owners. $350 was an acceptable if not high fee. $3300 is highway robbery and should be met with all possible resistance.