LIQUIDATOR NEWS

Statement from Paul Cooper at David Rubins & Partners.

The Joint Provisional Liquidators, Paul Appleton and Miles Benham, will shortly be providing information with regard to the next stage of the process. Additionally, for creditors that have not lodged a claim, they will still be able to do so. The formal cut off date will not be for some time and, in any case, will be publicly advertised to ensure creditors are aware of any statutory deadlines.

Paul Cooper @ David Rubin and Partners.
Email paul.cooper@drpartners.com.
020 7400 7900

The Irish Examiner - latest news

Banners Broker head bids to reassure investors

Friday, February 28, 2014

The head of the suspected pyramid scheme Banners Broker has tried to reassure worried investors that there is still money in the company and that it has moved operations to the Central American country Belize.

•  

By Conor Ryan
Investigative Correspondent

Canadian Chris Smith said the liquidation of its Isle of Man firm was a “pesky situation” that would further delay promised payouts. But he said the $6m frozen on Wednesday was “more of a rainy day trust” which it had not needed.
Mr Smith’s made his online video address a day after a court in the Isle of Man appointed joint liquidators to Banners Broker International Ltd.
But the company’s former contractor in Britain, who Mr Smith blamed for forcing the liquidation, described BBIL’s argument as “utter hogwash”.

Ian Driscoll, who said he left the company in 2012 when he sensed something was not right, said, if there was a surplus $6m sitting in an account, why had investors not been paid what they were due.
Mr Driscoll, who this month won a multi-million dollar claim against BBIL for breach of contract, told the Irish Examiner, if there were funds moved to Belize, the liquidators and creditors would unlock them.
Twelve thousand Irish investors had money in Banners Broker. They stand to lose heavily as they will be vying with creditors from around the world for a share of the frozen $6m.
In his web address Mr Smith claimed BBIL had been looking to wind down the Isle of Man company of its own accord.
An Isle of Man judge appointed joint liquidators after deciding BBIL needed to be wound up in the interests of justice.

Mr Smith confirmed it had no presence in the Isle of Man besides an unused bank account which it now cannot not access.

During his web presentation Mr Smith presented paperwork to show it incorporated a company, also called Banners Brokers International Ltd, in Belize last July. He said it was in the process of moving funds from the Isle of Man. However he said its efforts to shift the money had been frustrated by a legal case taken by Mr Driscoll, who he said was seeking $3m in unpaid profits. That hearing took place on the Isle of Man in early February.

Mr Smith said as Mr Driscoll was linked to the Isle of Man account BBIL could not get the money off the island in time. “We are now not able to release these funds that we wanted to,” he said.
But he said creditors who had made applications to the court in the Isle of Man would not get money from BBIL. “Nobody on that creditors’ list will be paid anything whatsoever.”

He said Banners Broker insisted on an internal dispute resolution system for affiliates and he warned investors it would not entertain court challenges.

Mr Smith told investors who had signed into the web address that an account of the liquidation hearing was available online at the Irish Examiner but that this newspaper had sensationalised the court judgment.


© Irish Examiner Ltd. All rights reserved

http://www.irishexaminer.com/ireland/banners-broker-head-bids-to-reassure-investors-260374.html

NEWS in Todays 'The Irish Examiner'

By Conor Ryan, Investigative Correspondent, Isle of Man

Liquidators were appointed to Banners Broker yesterday following a hearing in the Isle of Man. The scheme had attracted investment from more than 12,000 Irish people and thousands more internationally. The court agreed with an uncontested application that Banners Broker International Ltd (BBIL) should be shut down. It came five months after BBIL withdrew support for its Irish office, redirected service calls to Belize and put heavy restrictions on the withdrawals people could make from their accounts.

The court in Douglas heard the company had $6m (€4.4m) in assets but it had nobody from its Canadian operators present.

“The company is currently in limbo. It has no registered office, nobody providing secretarial services, no representative who will appear and significant assets of $6m,” said Judge David Doyle.

The judge said under the Isle of Man’s Companies Act 1931 it was just and equitable for the company to be wound up.

He appointed joint liquidators. One, from local firm Mann Benham, was put forward by Targus Investments. Targus had previously provided BBIL’s Canadian principal, Chris Smith, with nominee services for BBIL in the Isle of Man.

The second appointee was London-based Paul Appleton, of David Rubin and Partners LLP.

Mr Appleton presented the court with claims from people whose money is still locked in BBIL’s complicated internet advertising packages.

A standard letter circulated among some investors asked the Isle of Man court to appoint Mr Appleton as joint liquidator. In it individual claimants set out how much they had put in and what they were owed.

“There are genuine concerns as to the manner in which the business has been operated by others.

“A full and thorough investigation into BBIL’s affairs is, therefore, required to determine the position and explore how best to secure and recover funds for the benefit of its creditors,” the letter said.

The effect on creditors and investors will become clearer over the coming days.

Under Isle of Man law, a committee of inspection will oversee the work of the liquidators. It is expected to take up to a month to establish the extent of BBIL’s remaining assets and debts.


http://www.irishexaminer.com/ireland/fears-for-investors-as-suspected-pyramid-scheme-wound-up-260228.html

BANNERS BROKER INTERNATIONAL IS LIQUIDATED

GOOD NEWS!

The Court has ruled that Banners Broker International Limited is to be liquidated and must cease trading immediately.

Paul Appleton and Miles Benham have been appointed joint liquidators.

More Information will be posted as available..

LIQUIDATION INFORMATION

Banners Broker International is the subject of a liquidation hearing on
Wednesday 26th February at 10.00am at the High Court in The Isle of Man. 
If you would like to add your name to the long list of claimants please contact:
Paul Cooper at:  
David Rubin and Partners.
Email paul.cooper@drpartners.com.
020 7400 7900

I have spoken to him personally and he will be very pleased to assist you.

Applying to David Rubin and Partners to be listed as a creditor is CONFIDENTIAL.

Banners Broker will NOT know you are on the list and it will NOT affect your account. 

Bank Chargeback Information from Banners Brokers Ponzi Scam Facebook Page 

https://www.facebook.com/pages/Banners-Broker-Ponzi-Scam/398614356881465?ref=hl

We've received a very helpful message regarding bank chargebacks and the coming Liquidation.If a company is liquidated, the banks will almost CERTAINLY look favourably on your chargeback application.
It will confirm to them that BB is indeed a scam.

PLEASE CONTACT PAUL COOPER URGENTLY.
Paul Appleton @ David Rubin and Partners.
Email paul.cooper@drpartners.com.

Time is running out!
You have NOTHING to lose by registering.
...........................................

24th February
I've had messages from affiliates telling me that BBI is NOT registered in the Isle of Man anymore. Chris has confirmed this so it MUST be the truth... 

Unfortunately, Chris tells LIES:

Thanks to Dan Dare for finding this!