Scott's Shipping Services - FORMERLY UNDER "POSSIBLE LIQUIDATION"

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sjm said:
Voluntary liquidation is when the company realizes that it is insolvent (cannot pay all debts with all its assets) and declares insolvency, resulting in liquidation. This is a legal expectation of company directors (you may not continue trading if you are insolvent, you have to liquidate).

Involuntary liquidation (the other type of liquidation) is not driven by the company but by the creditors. If they are not getting paid and believe the company is insolvent, they can apply to a court to have the company liquidated.
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It obviously doesn't apply here, but for completeness, it's worth adding that voluntary liquidation can happen with a healthy company too when the owner wants to retire, for example, or there's been a sale of assets as a going concern. So not just due to insolvency.
 
agnouja said:
Surely the initial transaction between customer and agent (SSS) outweigh any intermediary logistics? Customer paid in full with their own delivery address thus it can be proven the items belonged to them. Customer didn't pay to acquire inventory for SSS.
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The customer holds a relationship with whoever they pay. Unless you paid the merchant directly, the items do not belong to you. If you paid him for a service, you're trusting him to honor his agreement to use that money to secure and deliver your items to you. Any transaction requires an element of trust, whether directly with a merchant, or via a service provider. In this case your relationship (and therefore recourse) is with Scott, not the merchant...
 
sjm said:
Whoever is managing the liquidation (can't remember what they're called, in banking it would be a curator) could decide to carry on selling the batteries, if the battery stock is available and they determine that it is the best way to convert them to cash. They would have to be satisfied that the company can fulfill all its obligations related to the customers (so for instance, if the batteries are in Amazon's warehouses, Amazon will handle fulfillment and the company just gets paid the proceeds then they should continue selling the batteries to get more money). They would however need to make sure that customers are aware of the business conditions surrounding the sales (i.e. that the company is being liquidated, what that means for warranties etc) but if they can sell to fully informed customers, it would be their duty to do so.

They need to maximize the money they can make from the available assets, so as to be able to pay back as many creditors as possible.

I'm not sure if this is what's happening or if this is just a case of the battery sales not having been taken down. Keeping them on sale is not a decision that Scott should be making, it's a decision that the curator(s) should make once they have a full handle on everything.
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Aren't you conflating Business Rescue with liquidation?
All i know, is that these companies get paid for as long as they work on the liquidation, so there is no incentive for them to sort stuff out efficiently.
 
I vote to shine a spotlight on SSS and investigate what is really going on. Any mybb journalist willing to do so?
 
Snotface said:
All i know, is that these companies get paid for as long as they work on the liquidation, so there is no incentive for them to sort stuff out efficiently.
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Aint that the truth. Look at Grant Thornton and the AUS based Cryptopia Exchange.

Went into liquidation in 2019 (been so long I can't even remember). GT has pretty much sucked that place dry.
 
Baxteen said:
so many personal attacks on the man in this thread.

warranted or not, that is not how you deal with a situation like this.


no on deserves attacks like this and you guys need to check your words because the wheel will turn and you will be in a situation like this at some point...
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Its a forum, people post their opinions and feelings.

And people sitting with spent money and no asset are going to have bitter feelings...
 
Can someone post a link to the battery website and the batteries on Amazon please
 
BBSA said:
I purchased a battery for him, and after approximately a year, it started having issues. He managed to fix it, so I must acknowledge his efforts. I had to take the battery to a private home, giving me a feeling that I was dealing with a Spaza shop.

I pity the folks who bought batteries from Scott. They're on their own if anything goes wrong from now on.
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But surely you buy with the understanding that he's simply helping you import the stuff but won't have the infrastructure needed to support you? It's how I treat(ed) purchases from the likes of RARU. While I can return I didn't think it would be worth the hassle. Even Amazon isn't worth it unless it's one of the Amazon made **** where you get first class service.
 
R13... said:
But surely you buy with the understanding that he's simply helping you import the stuff but won't have the infrastructure needed to support you? It's how I treat(ed) purchases from the likes of RARU. While I can return I didn't think it would be worth the hassle. Even Amazon isn't worth it unless it's one of the Amazon made **** where you get first class service.
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No, I bought from his battery business: http://www.lifepower.za.com/
 
If there is going to be an auction of the items I would like to bid on my own items. Rather pay a little bit more and get my items then have to pay full price again and more import fees. They would get more from me than some liquidator who will practically give the stuff away
 
Syphonx said:
Why would they care, businesses go bankrupt every day. This isn't a big business, do they even have more than 5 employees? Its like running a story every time a restaurant goes under.
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This guy accepted money for months knowing he wouldn't be able to deliver. At least up until last Friday. If it's this easy to get away with it then more people should try it.
 
agnouja said:
This guy accepted money for months knowing he wouldn't be able to deliver. At least up until last Friday. If it's this easy to get away with it then more people should try it.
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Do you really think that is how businesses work? One month at break even and they should close down, or one month at a loss means immediate shutdown?

Ever heard of loans or modifying operations etc. to reverse the loss and make up for it? SSS was a couple of years old so obviously was profitable until recently.
 
I couldn't care less about his business operations or finances. You're clearly not affected by any of this so stop defending the scam.
 
Syphonx said:
Do you really think that is how businesses work? One month at break even and they should close down, or one month at a loss means immediate shutdown?

Ever heard of loans or modifying operations etc. to reverse the loss and make up for it? SSS was a couple of years old so obviously was profitable until recently.
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oh was a plot from the start ...like all scam ponzi schemes
 
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