Mirror (non)Trading International 3 - Freemasons,Russians,and no bitcoins

[PrinceVlad]

So... there was the point about liquidators not being able to touch e.g. the Marks' R11-M house in Durban.

Was that part correct too?

Nope. Sorry, I didn't see that part. Can't touch the house now because there's no basis for it at this stage.

 

[JSbot]

Not quite right. Although it's a provisional liquidation, once it's final the effective date of the liquidation would be today.

So, in effect all assets are dealt with as from today. The reason for this is that the Companies Act only makes provision for an order of liquidation. Provisional orders are used as a practice, especially where applications are brought on an urgent basis with no service. On a reading of the application, though, they maybe could have been successful with a final order today already.

In terms of the act, the effective date is the date the application is presented to court, i.e. today.

Sure - does a provisional liquidation empower the provisional liquidator to start assessing claims against the company and disbursing it's assets? or simply give it the responsibility of safeguarding the assets from dissipation.

and further surely this order has no correlation to the assets of for instance Mr Muller or any other member of MTI?

 

[LinuxMan]

So what date do you think Mrs Lindt (Ponzi Queen) will get that orange jumpsuit with silver bracelets?

 

[PrinceVlad]

Sure - does a provisional liquidation empower the provisional liquidator to start assessing claims against the company and disbursing it's assets? or simply give it the responsibility of safeguarding the assets from dissipation.

Obviously not, because the order is not final. But remember the process just to track all the assets takes longer than the time until the Rule Nisi. He probably could start assessing claims prior to the final order but then there's the possibility that it could end up being a waste of money.

If the sole purpose was to safeguard the assets there are far quicker and cheaper options.

 

[PrinceVlad]

Sure - does a provisional liquidation empower the provisional liquidator to start assessing claims against the company and disbursing it's assets? or simply give it the responsibility of safeguarding the assets from dissipation.

and further surely this order has no correlation to the assets of for instance Mr Muller or any other member of MTI?

No, nothing to do with the assets of any member or founder. That comes later in the process.

 

[JSbot]

Obviously not, because the order is not final. But remember the process just to track all the assets takes longer than the time until the Rule Nisi. He probably could start assessing claims prior to the final order but then there's the possibility that it could end up being a waste of money.

If the sole purpose was to safeguard the assets there are far quicker and cheaper options.

Would any third party be able to safeguard the assets of a company without an order of the court?

 

[JSbot]

So basically at this stage the liquidator will not assess claims against the company , will not make any disbursements on behalf of the company, and cannot do anything to prevent the dissipation of the top 100 beneficiaries personal assets.

Which assets we know but have not proved are the proceeds of criminal activity

It would take a forensic accountant to track the flow of the assets from MTI to Individuals, and would need a seperate action in the interim to prevent those individuals from dissipating those assets.

just my opinion

 

[PrinceVlad]

Would any third party be able to safeguard the assets of a company without an order of the court?

No. That would be a mandament of spolie and it's not allowed. You would need a court order.

 

[RedViking]

Any latest news from Lindtball?

 

[supersunbird]

MTI placed in provisional liquidation and damage could be huge

Provisional liquidator to be appointed in the next few days to establish what happened to the estimated 23 000 bitcoin – worth R9.45bn.

www.moneyweb.co.za

 

[RedViking]

MTI placed in provisional liquidation and damage could be huge

Provisional liquidator to be appointed in the next few days to establish what happened to the estimated 23 000 bitcoin – worth R9.45bn.

www.moneyweb.co.za

No-one from MTI turned up in court to defend the action.

It's because they not in the country anymore and there is no property!!

 

[PrinceVlad]

It's because they not in the country anymore and there is no property!!

True. What's going to happen here is that the liquidators are going to go after the investors, just like Krion. And just like Krion there's going to be a lot of tears. In fact, more tears than there were smiles when the profits were made.

 

[RedViking]

True. What's going to happen here is that the liquidators are going to go after the investors, just like Krion. And just like Krion there's going to be a lot of tears. In fact, more tears than there were smiles when the profits were made.

Hope SARS also get their cut.

 

[Jan]

Incredible how the media get it wrong. Luitingh and Associates did not obtain the court order. It was obtained by another group of Attorneys, Vezi De Beer, yet the reports in the media are making out that it was Luitingh. How do they manage to get it wrong???

Good PR. You will notice that MyBroadband's report got it right ;-)

 

[PrinceVlad]

Hope SARS also get their cut.

I remember one of my colleagues had to pay back R1,5 mil in the Krion saga. It hurt

 

[RedViking]

I remember one of my colleagues had to pay back R1,5 mil in the Krion saga. It hurt

Lekker!

You want to scam people, you gotta feel it.

What you colleagues investing in this time and how much of their family they walking over?

 

[r00igev@@r]

I wonder if Abdullah got a Christmas box. Shame.
Any ideas to help the guy out. He is left babysitting the bot.

 

[PrinceVlad]

Lekker!

You want to scam people, you gotta feel it.

What you colleagues investing in this time and how much of their family they walking over?

No longer in practice so I don't have colleagues anymore. Some family and friends invested though, and the fallout after I warned them multiple times is pure bliss.

 

[Wary GOM]

It would be funny if these three threads will be used as evidence in the upcoming cases.

I can just imagine some of the juniors trawling through here and coming accross some of the random crap we say

Strange, at some point where someone said that there is a vast amount of material here, I thought to myself how someone looking for specific material would battle and hoped that they would have a sense of humour. [BTW, the Search often doesn't get very far.]

 

[JSbot]

I do suppose that should the liquidator determine that assets of MTI are in possession of another party he could under this order secure the safeguarding of those assets to prevent disposal