Originally posted on 04/01/2014:

Quote Originally Posted by Hareeba! View Post
ffs! you need to show some patience.
ASIC has to properly investigate the thing and prepare their case to take to court. Don't hold your breath this could take many months. Probably won't get to court till next year.
Until they are found guilty of something you have bugger all chance of getting any satisfaction.
Who are you going to take legal action against in the meantime?
The company you dealt with has insufficient funds.
IF the principals are found guilty you have some chance IF they have sufficient funds.
Thanks for explaining it. Again

Guys, I'm not sure how else to phrase it so we're all on the same page but this isn't going to be a quick process. Even if you get your money back - and there's no guarantee of that obviously - we're not talking about some little scammer who owes a couple of thousand $. When you start thinking how long you've already been waiting, you need to remember that I only visited their offices on February 7th. Before that this thread was on it's last legs and dying. It then took a few weeks for us to collect info, await responses from the GC FOI request, meet with the lawyer, etc. Again before Feb 7th this was over and pretty much everyone had given up hope as far as this thread was concerned. You need to keep that timeframe in mind when you start accusing me of being paid off, asking why you haven't heard an update, feel like it's taking too long for your liking, etc.

I realise you really need this money but your case is now sitting with the highest possible agency it can in Australia and this is going to take quite awhile even if they eventually come back and say you're out of luck. They're not going to rush their processes simply to satisfy you, nor would any other govt agency. I'm not sure how else to put this as it seems to keep being lost in translation but I'll try yet again: Just because I'm not posting in here daily it doesn't mean people aren't working behind the scenes. If there is an update of significance to give you, it'll be posted... keeping in mind I've been advised to stop tipping my hand to Peter and Graeme as we don't want to assist them in any way. So many of you have offered me money so I'll keep helping you, cash for a legal fund, etc. 1. I don't want your $ and I sure as f would never take a cent from Peter or Graeme even if I were living on the street. 2. It is pointless to retain a lawyer at this time. The lawyer I met with referred me to ASIC as they have much bigger guns than he could ever fire in court. If there should ever come a time in the future when it's worthwhile to go after P/G in court, we can discuss the start of a legal fund then. As of now - as Hareeba rightly pointed out - it would be useless. Going after an insolvent company will get you $0 and we can't go after Peter and Graeme individually until/if ASIC declares they are to be personally held responsible for their actions while directors of IGAS. Until then you'll just be wasting your $ and time.