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Debt Relief – Insolvency – Bankruptcy Information » Insolvency » What are the risks I have if a company I am dealing with is under receivership?

What are the risks I have if a company I am dealing with is under receivership?

This company is under receivership on account of the governments’ allegations stating they have commited sales tax fraud. The received approval from the courts to have the company go under receivership while their lawyers prove their innocence. They said normal business operations will commence in the meantime.

This company is a precious metals company and I have money with them in a pool account that is apparently backed by precious metals. I can liquidate it at anytime.

But now I wonder if they are under receivership, if they will stop all payments to their customers.

Or… will it be business as usual while they resolve this?

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One Response to "What are the risks I have if a company I am dealing with is under receivership?"

  1. parsnipianna says:
    Receivership is, in most cases, an involuntary proceeding brought by the company’s creditors (in this case the federal government) for the creditor’s benefit .

    You never hear of a company ASKING to be put into receivership. The more likely scenario is that the government put them into receivership in order to keep track of the company’s assets until they get the go- ahead to take them.

    If it was my money, I would liquidate Monday morning, in case there is not any left over after the feds take theirs off the top. Plus,I wouldn’t want to be the last investor left treading water in the pool, and there are probably more and more grabbing their towels as word of the receivership spreads.

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