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quilibet · 05-09-2021, 02:45 AM

The bankruptcy of Payment Network Systems Europe AB is nearing completion I believe. This Swedish company was the corporate entity last serving to operate the Zombaio payment processing business. It appears that there is approximately 80 thousand euro of assets, and around 1.3 million euro of liabilities. These are rough figures, I have used euro because the Swedish Krona is fairly unfamiliar to many people. Euros and Dollars (USD) have a similar value for the purposes of ballpark estimates.

The client/website creditors account for about 1 million euro of this debt. However the dividend/payout to creditors will likely follow a waterfall of priorities. The first will be the administrator's/receiver's fee. I don't know what that is, but my guess is somewhere between 10k and the whole 80k. There is also a small amount of tax and about 24k for the ex-employees who I think will have preference.

So at a very rough guess the other unsecured creditors are likely to get between 0 and 3 cents on the euro/dollar. Meanwhile the individuals behind Zombaio will be released from personal liability and are free to start up operations probably under a different name and probably targeting other areas such as crypto payments. I believe they have even hidden assets from the bankruptcy administrator. My feeling is that they should be held by the ankles and shaken to see what falls out, and disqualified from being the director of any other company first.

I know that a number of the creditors read this forum, so I have some questions for them. I may have an opportunity to make representations to the Administrator, the Swedish court, or the Swedish financial crime authority. If I do so it may delay settlement of the bankruptcy and so delay settlement of whatever payout of the debt owed you.

1. If you are a creditor, do you want me to make any intervention I can or leave it so the settlement happens sooner.

2. If you are a creditor and want more information please contact me. I have a list of creditors and if you are on the list, or can satisfy me that you should be on that list but have been omitted, then I will share the documents I have.

My email is on my profile in the about section. I couldn't find how else to list it, and I don't want to put it in the open and invite spam.

05-09-2021, 02:45 AM
quilibet Registered User Industry Role: Join Date: Jan 2021 Posts: 6	Zombaio bankruptcy nearing completion - information on payout The bankruptcy of Payment Network Systems Europe AB is nearing completion I believe. This Swedish company was the corporate entity last serving to operate the Zombaio payment processing business. It appears that there is approximately 80 thousand euro of assets, and around 1.3 million euro of liabilities. These are rough figures, I have used euro because the Swedish Krona is fairly unfamiliar to many people. Euros and Dollars (USD) have a similar value for the purposes of ballpark estimates. The client/website creditors account for about 1 million euro of this debt. However the dividend/payout to creditors will likely follow a waterfall of priorities. The first will be the administrator's/receiver's fee. I don't know what that is, but my guess is somewhere between 10k and the whole 80k. There is also a small amount of tax and about 24k for the ex-employees who I think will have preference. So at a very rough guess the other unsecured creditors are likely to get between 0 and 3 cents on the euro/dollar. Meanwhile the individuals behind Zombaio will be released from personal liability and are free to start up operations probably under a different name and probably targeting other areas such as crypto payments. I believe they have even hidden assets from the bankruptcy administrator. My feeling is that they should be held by the ankles and shaken to see what falls out, and disqualified from being the director of any other company first. I know that a number of the creditors read this forum, so I have some questions for them. I may have an opportunity to make representations to the Administrator, the Swedish court, or the Swedish financial crime authority. If I do so it may delay settlement of the bankruptcy and so delay settlement of whatever payout of the debt owed you. 1. If you are a creditor, do you want me to make any intervention I can or leave it so the settlement happens sooner. 2. If you are a creditor and want more information please contact me. I have a list of creditors and if you are on the list, or can satisfy me that you should be on that list but have been omitted, then I will share the documents I have. My email is on my profile in the about section. I couldn't find how else to list it, and I don't want to put it in the open and invite spam.