big_kahuna
Recruit
- Messages
- 4
Guacamayo,
Interested to know where you got this information from? If you check the NSW Supreme Court cases for 16th May (today) there is nothing listed..
https://www.caselaw.nsw.gov.au/browse?display=all
Ponzi Scheme Managed Account Question - Courtenay House Trading Group
- Thread starter Guacamayo
- Start date
Guaranteed profits become guaranteed losses.
Guacamayo,
Interested to know where you got this information from? If you check the NSW Supreme Court cases for 16th May (today) there is nothing listed..
https://www.caselaw.nsw.gov.au/browse?display=all
I know of a person that was in court today and a liquidator has definitely been appointed, Tony requested this to speed up the process so investors can receive their capital back as quickly as possible. The investor funds are held in both bank accounts and trading accounts, the majority being in trading accounts. There's a lot of people on this blog insinuating and presuming things without knowledge or facts, which is no doubt making investors extremely stressed.
Before anyone else makes further comments on this blog, it would be nice if they were to think about the stress the comments are placing on investors, when not knowing the facts.
Pharaoh
Brigadier General
- Messages
- 20,316
I recommend everyone who hasn't sent every trace of banking info related to Courtenay House get to it ASIC and the liquidators ASAP. It would be sad if some account containing a significant amount of investor money accidentally slipped through the cracks.
http://asic.gov.au/courtenay-house
ASIC was also kind enough to provide a link to a document on Liquidation, a Guide for Creditors. I suggest all those who invested reading it carefully.
http://asic.gov.au/courtenay-house
ASIC was also kind enough to provide a link to a document on Liquidation, a Guide for Creditors. I suggest all those who invested reading it carefully.
@Pharaoh
your information is correct,liquidators control all the funds now and anything related to courtenay house, in the end it's the liquidators that will be giving you any money back in the end and courtenayhouse will be de-registered as an company once this is all over so sending information to asic/liquidators has to be nothing short of beneficial for clients.
Also take note from what i read on ASIC website, liquidators can charge up to $5,000 AUD per client for there fees, this is yet to be determined how they are charging there fees.
from what i gather liquidators are trying to see how much money is available to give investors and how much money is suppose to be there before any investors can request funds from them, this is the number 1 question i think everyone wants answered and im sure it will be made public in time.
in the meantime the ASIC investigation is still proceeding and with the court date, last i heard there been no criminal charges that have been laid yet against the directors.
if anyone get's information regarding any updates to the ASIC investigation or liquidator's please post.
best of luck to all
your information is correct,liquidators control all the funds now and anything related to courtenay house, in the end it's the liquidators that will be giving you any money back in the end and courtenayhouse will be de-registered as an company once this is all over so sending information to asic/liquidators has to be nothing short of beneficial for clients.
Also take note from what i read on ASIC website, liquidators can charge up to $5,000 AUD per client for there fees, this is yet to be determined how they are charging there fees.
from what i gather liquidators are trying to see how much money is available to give investors and how much money is suppose to be there before any investors can request funds from them, this is the number 1 question i think everyone wants answered and im sure it will be made public in time.
in the meantime the ASIC investigation is still proceeding and with the court date, last i heard there been no criminal charges that have been laid yet against the directors.
if anyone get's information regarding any updates to the ASIC investigation or liquidator's please post.
best of luck to all
Septemberrain
Private
- Messages
- 15
Well this email went out to all investors.
My question is why is going to take 6 months? Not sure I understood that whole thing.
"
Effects of the Liquidation/Next Steps
As result of the Liquidations, no interest will be paid to any creditors/investors. Creditors/investors are also unable during the Liquidations to request repayment of their capital via redemption requests.
In the event that sufficient funds are available to pay a dividend to creditors/investors, due to the complexity of the Liquidations, it is unlikely that any such dividend in the Liquidations will be paid to creditors/investors for at least 6 months.
Creditors Meeting
It is the Liquidators’ intention to hold a formal meeting of creditors/investors of the Companies by 31 July 2017. Further details will be provided to all creditors/investors prior to the meeting.
At the meeting it is the Liquidators’ intention to seek nominations from creditors/investors to form a Committee of Inspection (who will represent the body of creditors/investors in the Liquidations). Further information on how to nominate for the Committee of Inspection will be provided in due course.
Proof of Debt Form
Creditors/investors are requested to complete and return the attached Formal Proof of Debt (Form 535), for the entity they are a creditor/investor of and return it together with documentary evidence to: courtenayhouse@au.gt.com.
Updates to creditors
It is the Liquidators intention to provide creditors/investors with regular updates via email. A copy of all correspondence issued by the Liquidators will also be available on the Grant Thornton website at: https://www.grantthornton.com.au/en/creditors- information/creditors-information-a-f/courtenay-house-capital-trading-group-pty-ltd-in- liquidation/
In this regard, creditors/investors are asked to complete the attached ‘Election by Creditor to Receive Notices and Documents Electronically’ and return to our office at: courtenayhouse@au.gt.com
If you are aware of any creditor/investor who has not received a copy of this update, please ask that they provide an updated email address to: courtenayhouse@au.gt.com
If you have any queries in relation to the above, please contact of our office on (02) 8297 2400 or courtenayhouse@au.gt.com "
My question is why is going to take 6 months? Not sure I understood that whole thing.
"
Effects of the Liquidation/Next Steps
As result of the Liquidations, no interest will be paid to any creditors/investors. Creditors/investors are also unable during the Liquidations to request repayment of their capital via redemption requests.
In the event that sufficient funds are available to pay a dividend to creditors/investors, due to the complexity of the Liquidations, it is unlikely that any such dividend in the Liquidations will be paid to creditors/investors for at least 6 months.
Creditors Meeting
It is the Liquidators’ intention to hold a formal meeting of creditors/investors of the Companies by 31 July 2017. Further details will be provided to all creditors/investors prior to the meeting.
At the meeting it is the Liquidators’ intention to seek nominations from creditors/investors to form a Committee of Inspection (who will represent the body of creditors/investors in the Liquidations). Further information on how to nominate for the Committee of Inspection will be provided in due course.
Proof of Debt Form
Creditors/investors are requested to complete and return the attached Formal Proof of Debt (Form 535), for the entity they are a creditor/investor of and return it together with documentary evidence to: courtenayhouse@au.gt.com.
Updates to creditors
It is the Liquidators intention to provide creditors/investors with regular updates via email. A copy of all correspondence issued by the Liquidators will also be available on the Grant Thornton website at: https://www.grantthornton.com.au/en/creditors- information/creditors-information-a-f/courtenay-house-capital-trading-group-pty-ltd-in- liquidation/
In this regard, creditors/investors are asked to complete the attached ‘Election by Creditor to Receive Notices and Documents Electronically’ and return to our office at: courtenayhouse@au.gt.com
If you are aware of any creditor/investor who has not received a copy of this update, please ask that they provide an updated email address to: courtenayhouse@au.gt.com
If you have any queries in relation to the above, please contact of our office on (02) 8297 2400 or courtenayhouse@au.gt.com "
Badjudgement
Recruit
- Messages
- 6
My guess is that any account that remained, that had not been locked down by asic, would be drained by now.
If they have been fleecing customers for 6 months why stop now?
25Mil at say an average 200k/customer would give 125 customers, if it is all there. If we all emailed asic they'd get through that many in a couple of days so I'm not feeling too positive on that and the fact they have gone into liquidation.
So my pessimistic expectation is to get back 5%. 5% would mean 2500 customers at an average 200k deposit (as they only have 25Mil). And that seems too many
My prediction is 6.25% return less liquidators fees. Based on pure guesswork and the 25 retained of 400 invested numbers I have (again not a 100% reliable source)
For everyone's benefit as well as my own I hope I'm way off.
I'd offer a bet, but I think we are all over gambling.
If I stress anyone out with my worst case expectations I'm sorry, but I'm in it as well, so hopefully, expect the worse and it can only get better
If they have been fleecing customers for 6 months why stop now?
25Mil at say an average 200k/customer would give 125 customers, if it is all there. If we all emailed asic they'd get through that many in a couple of days so I'm not feeling too positive on that and the fact they have gone into liquidation.
So my pessimistic expectation is to get back 5%. 5% would mean 2500 customers at an average 200k deposit (as they only have 25Mil). And that seems too many
My prediction is 6.25% return less liquidators fees. Based on pure guesswork and the 25 retained of 400 invested numbers I have (again not a 100% reliable source)
For everyone's benefit as well as my own I hope I'm way off.
I'd offer a bet, but I think we are all over gambling.
If I stress anyone out with my worst case expectations I'm sorry, but I'm in it as well, so hopefully, expect the worse and it can only get better
Gotta love how investors are last on the list to get any of there money back and the company employees that worked there take priority ,as investors we better hope most the money is there, otherwise if theres only partial after all the fees and such there's going to be not much left to give.
1. costs and expenses of the liquidation, including liquidators’ fees
2. outstanding employee wages and superannuation
3. outstanding employee leave of absence (including annual leave, sick leave—where applicable— and long service leave)
4. employee retrenchment pay,
5. unsecured creditors
1. costs and expenses of the liquidation, including liquidators’ fees
2. outstanding employee wages and superannuation
3. outstanding employee leave of absence (including annual leave, sick leave—where applicable— and long service leave)
4. employee retrenchment pay,
5. unsecured creditors
Badjudgement i sure hope u are way off. Both Tony and David said the money is all there.
The 25mil was only 1 account frozen. Ill paste what Grant Thornton said...
As part of the on-going court action, a number of bank accounts held by the Companies
were frozen. I confirm that the Liquidators have written to these banks and are seeking to
secure these funds for the benefit of creditors/investors.
Now we need to know how much is really there and the total of invested funds.
I'm getting tired of all this negative speculation. Also it won't take 6 months to get our money back.
It is only if there is a dividend to be paid. Please read carefully before u post recklessly.
Good luck to all of us.
The 25mil was only 1 account frozen. Ill paste what Grant Thornton said...
As part of the on-going court action, a number of bank accounts held by the Companies
were frozen. I confirm that the Liquidators have written to these banks and are seeking to
secure these funds for the benefit of creditors/investors.
Now we need to know how much is really there and the total of invested funds.
I'm getting tired of all this negative speculation. Also it won't take 6 months to get our money back.
It is only if there is a dividend to be paid. Please read carefully before u post recklessly.
Good luck to all of us.
Similar threads
Services Offered
Free Forex Managed Account Trail
Services Offered
Premium Web portal of the Brokerage Company worth 25,000 Euro
