I'm not involved and I can't believe structures allow this to happen yet again . I always keep an eye on collapses , failures to try and see what I should avoid but It is near impossible to avoid outright fraud.
This has received so little publicity. I hope smaller holders etc are all communicating together on a site somewhere to try and get a better overall picture and force your rights as a group as otherwise it become the will of the major creditors often related to company or bank etc who drive the process.
Really need to determine exactly what structure was used to hold accounts
Here is a IB aust link ( I have no idea what country halifax used for their IB accounts) showing different types of accounts they run for direct individuals , brokers etc etc
Determining if the individual accounts are truly segregated and structure / agreements in the chain is a key.. Need to look at exact account opening documentation and updates assuming they actually used promoted structure and then check what administrator / liquidator is saying.
The whole situation sucks as theoretically insurance coverage ( indemnity insurance, auditor insurance, ) claim should exist if there has been wrongdoing but liquidator IMO due to timeframes would rather use shareholders funds and never claim ( or a half arsed soft claim and agree to settle with insurers) rather than do the hard yards.Their mates the lawyers lap up the fees. If the business has used client funds to prop itself up there should be a obvious position of trading while insolvent??? If not why did they use client funds and why were client funds required? Also there should be a claim against the regulators but good luck with that as there should be a obligatory self reporting system for any anomaly both up and down the chain - there is a dream. Last claim is obviously against the clients who have lost money trading and obviously not paid up assuming it wasn't a internal fraud etc etc
Yeah you might of guessed I don't like administrators or liquidators as they often act as vultures IMO so a 20 mill loss plus their bill for 10mill plus plus and averaged across innocent parties etc etc. Meanwhile as with ones gone before them BBY was possibly trading insolvent for how many years etc etc Sonray, opus prime ?
