Zombaio bankruptcy nearing completion - information on payout

[quilibet]

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.

[faxxaff]

The solicitor and the court will take all that money. Nothing will be left over. Waste of time to try getting a payment.

[k0nr4d]

Originally Posted by faxxaff

The solicitor and the court will take all that money. Nothing will be left over. Waste of time to try getting a payment.

I think his goal is more to lift the veal of limited liability

[quilibet]

I have recently heard from the Swedish administrator in bankruptcy who assured me that she is very far from concluding her investigation into Zombaio's affairs. She said that the document outlining the company's assets and liabilities was simply the initial account given by David Venngren, one of the directors of the company controlling the Zombaio business. I had asked her a number of specific questions. She did not tell me what, if any, actions she might take to claw back money relating to questionable transactions and payments made by the company before bankruptcy. And she explicitly told me that she could not tell me whether she had reported the case to the Swedish Economic Crimes Authority (Ekobrottsmyndigheten) because she said that information is confidential. However she invited me to do so myself. I am currently preparing my complaint to the Ekobrottsmyndigheten.

In my view this is now the best course to take to potentially recover any money from Zombaio because in some circumstances of bad behaviour the directors of a Swedish company can be held personally liable for its default. My feeling is that it is best to resign yourself to having lost any money owed you, then if eventually you receive some percentage of the debt it will be a bonus. And if the Swedish authorities never recover anything, at least they might hold these guys accountable.

[Ferus]

Originally Posted by quilibet

I have recently heard from the Swedish administrator in bankruptcy who assured me that she is very far from concluding her investigation into Zombaio's affairs. She said that the document outlining the company's assets and liabilities was simply the initial account given by David Venngren, one of the directors of the company controlling the Zombaio business. I had asked her a number of specific questions. She did not tell me what, if any, actions she might take to claw back money relating to questionable transactions and payments made by the company before bankruptcy. And she explicitly told me that she could not tell me whether she had reported the case to the Swedish Economic Crimes Authority (Ekobrottsmyndigheten) because she said that information is confidential. However she invited me to do so myself. I am currently preparing my complaint to the Ekobrottsmyndigheten.

In my view this is now the best course to take to potentially recover any money from Zombaio because in some circumstances of bad behaviour the directors of a Swedish company can be held personally liable for its default. My feeling is that it is best to resign yourself to having lost any money owed you, then if eventually you receive some percentage of the debt it will be a bonus. And if the Swedish authorities never recover anything, at least they might hold these guys accountable.

You can win, but the money is long gone through their money laundering system, so you wont get anything. In the end you will only end up loosing more money.