Hey guys - Sorry for the delay. I couldn't make it to the lawyer's appt as something unfortunately came up with my son but I did have a lengthy chat with the lawyer. Turns out it was for the best as today's appt would've been free but from the next one he'd start charging and I didn't have all the info he needs anyway - mainly the docs from the GC and a ballpark of how much is owed. Thankfully the FOI request was put in a couple of weeks ago so those should be available soon but I'm going to have to try to compose a list of some sort of bettors and affiliates owed by Canbet. It doesn't need to be proper names - forum usernames are fine - but I know from looking elsewhere that many people haven't filed a complaint with SBR for various reasons and/or are affiliates so they wouldn't file an SBR complaint at all. We need to come up with the best way of trying to compile that info so we include as many people as possible.
The lawyer also told me to contact ASIC which I have so this info is from both of them. They advised me that yes we - and ASIC - can go after Peter and Graeme personally if we can reasonably demonstrate that they were continuing to do business while insolvent. ASIC will also go after them on your behalf if it can be demonstrated that they made public assurances of solvency when they were aware they didn't have the money. We - and ASIC - can also go after them if their insolvency filings were only to attempt to hide from debt as that's fraud against the Commonwealth. If any - or all - of these factors can be proven Peter and Graeme will be in a world of hurt financially as they will also face fines of up to either 200k or 220k + what they owe you. If dishonesty is proven to be a factor in IGAS' insolvency - as we've shown several instances it was - they both also face up to 5 years in prison along with the fines and restitution and be disqualified from being a director again. It seems the Aussie Govt doesn't f around with insolvency so the thing they tried to do to wash their hands of Canbet will be the very thing that brings them down.
The lawyer told me his jaw dropped while reading this thread as "they handed you a win on a silver platter". He couldn't believe that so called business guys could be so stupid with the timeline of how things played out and what they told clients and the GC in writing. And the woman from ASIC laughed when I told her about the paragraph on the Canbet site and explained that directors don't get to decide what happens to someone's money in the event of an insolvency. You can't just say if we go bankrupt you're f'd. Well I guess technically you can try to use it as a way to put people off from suing you but it doesn't work that way when the government steps in. The lawyer also went into detail about shifting assets to related companies and trying to hide under a parent during insolvency but the stuff he said was pretty complex and to be honest I can't remember it word for word so I won't post about it in case I screw up the info somehow.
So that's where we're at today. Peter and Graeme have the choice now of dealing with us by paying you all, or us + ASIC and facing paying you all, massive legal costs + fines and possible prison. Oh and now 2 of the largest media outlets in Australia are keen to do a story on this to make their week even better. I know what choice I'd make if I were them but the month of Jan alone has proven they're not the brightest stars in the sky so I'm not holding my breath they make the wise one. They have a few days to think about it until we get those docs from the GC. As soon as they're in my hands they're going to the lawyer and ASIC and it's game on.
Last edited by shari91; 02-11-14 at 09:18 AM.
Originally Posted by shari91
