All Topics / Help Needed! / 309A Notification of Details of a Charge

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  • Profile photo of HAV11CHAV11C
    Member
    @hav11c
    Join Date: 2005
    Post Count: 12

    Hi Guys,

    I'm in need of some help??

    I did a JV with a developer in QLD over the last 18 months. He still owes over 45k and at this stage has been fobbing me of with all sorts of excuses.

    I'm alittle tired of the excuses and truthfully am in need of the money.

    I did a search on his companies tonight and the two I know of both have "309A Notification of Details of a Charge" listed on them.

    I searched on ASIC and on google and haven't found a laymonds definition????

    The basics look to be either he has mortgaged an asset of the company ? is this a correct assumption

    Is he one step away from winding up ???

    Please if anyone has some experience with Pty LTD companies and is aware of this 309A Notification of Details of a Charge can you please put my mind at ease.

    Cheers
    Andrew

    Profile photo of ScampScamp
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    @scamp
    Join Date: 2008
    Post Count: 297

    a 'charge' over a company's assets is a bit like a mortgage. It basically makes a specific creditor a secured creditor, meaning they get first bite at the companies assets if the worst happens.

    It's not uncommon for major suppliers or lenders to require this as a matter of course and its presence doesn't necessarily mean a company is in financial difficulty. However, it's also one of the first things a trade creditor who is owed money would be asking for as a condition of continued supply if they did feel their customer was in difficulty.

    Judging from the story you just posted I think you should *REALLY* press your creditor to pay you now, before it's too late. Basically it's already too late.

    Basically I think you have been ( or are about to be ) scammed. It's a common trick , a pyramid game or ponzi scheme in which investments into the company are used to pay current credits into the company. As long as money keeps coming into the company, every creditor gets paid. When the money stops, the bottom ponzischemers get screwed. The 'Charge' has probably been made by a company owned by the girlfriend of your scammer in order to get the last bit of money out of the company, since she will have top priority now on assets of the company. They will already be offloading assets now and soon declare bankruptcy.

    Well.. that's my opinion anyway. Tip : Get your money before it's gone.

    Profile photo of don juandon juan
    Member
    @don-juan
    Join Date: 2008
    Post Count: 15

    Hi Andrew,

    Just go on the veda advantage websitenand request a full copy of all documents that the developer has lodged with ASIC. This is not a free search but will give you more information with which to carry on your investigations.

    Good Luck.
    Don

    Profile photo of HAV11CHAV11C
    Member
    @hav11c
    Join Date: 2005
    Post Count: 12

    Thanks for the info.

    Its not a scam he has repaid over 200k, If he was trying to rip me off I'd be chasing him for 250k not 45k

    I'll do the search on veda.

    Cheers
    Andrew

    Profile photo of ScampScamp
    Member
    @scamp
    Join Date: 2008
    Post Count: 297
    HAV11C wrote:
    Thanks for the info.

    Its not a scam he has repaid over 200k, If he was trying to rip me off I'd be chasing him for 250k not 45k

    I'll do the search on veda.

    Cheers
    Andrew

    Like I said, it could be a ponzi scheme in which funds from investors are used to pay back funds from previous investors. As long as money keeps coming in, everyone wins. If they keep 40K from 100 people, that's a nice 4 million dollars , on which there now is a charge for the girlfriend ( the final step in the scam )

    Ofcourse it could also be a completely legitimate thing. But then the question arises in why he won't pay you back. 45K doesn't sounds like a lot of money, but it certainly mounts up if he screws 100 people for 45K each.

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