Bitcoinica liquidator wants to hear from users

[ninjarobot]

Today I received the following email from Taslim Bhamji, a Senior Insolvency Administrator from PKF Corporate Recovery & Insolvency Ltd (the NZ Court appointed liquidator for Bitcoinica LP):

We confirm that we have been appointed liquidators of the Bitcoinica Limited Partnership, which is registered in New Zealand. We are currently collecting information and our immediate priority is securing the investor funds (in both cash and Bitcoins) and determining investor balances. It is too early to know how long the liquidation process will take, but we would like to move as quickly as possible towards a distribution to investors/creditors.
 
With this in mind, we would be grateful if all investors and creditors could email us and provide their address and contact details, as well as details of any amounts owed to them and proof of the claim. Also the Liquidators’ first report is due to be sent to all creditors by 26 November 2012, but we are unable to do so if we do not have contact details for creditors or investors.
 
We would also appreciate feedback from investors on whether they would prefer to receive a distribution in the form of Bitcoins (where possible) or whether they would prefer a straightforward cash distribution. We are still seeking to determine what options are available to us at law, and will let investors know in due course.
 
Lastly, we are aware of legal proceedings underway in California against the Limited Partnership. The Liquidators have sought to have the Limited Partnership withdrawn from the proceedings on the basis that it is in liquidation. We urge creditors/investors to refrain from taking any legal action against Bitcoinica, as it will simply add to the plaintiffs costs with no benefit. Any legal claims against Bitcoinica would need to be made in the New Zealand Courts. Judgements against the Limited Partnership in any foreign jurisdiction will not be recognised by the liquidators.
 
Please contact me directly if you have any queries or wish to bring any matters to the liquidators’ attention.

So if you happen to be a Bitcoinica creditor/investor - Now would be a good time to email Taslim at: Taslim[dot]Bhamji[at]pkfcr[dot]co[dot]nz

Note: I understand Bitcoinica got a few false claims during their claim period back in May. If you don't have a valid claim with Bitcoinica already then please realize that sending a false claim to a court appointed liquidator is probably not a very bright idea.

[pof]

I didn't write a mail to a liquidator before, would anyone be so kind to post a template of a creditor claim here? Thank you!

[repentance]

I didn't write a mail to a liquidator before, would anyone be so kind to post a template of a creditor claim here? Thank you!

This is the standard format used for creditor's claims in NZ (this one's the one for estates administered by the Official Assignee).

http://www.insolvency.govt.nz/cms/pdf-library/forms/Claim%20form

Private liquidators usually have their own claim forms.  You can see an example of one at the end of this First Report to Creditors (this is a different company from the one handling the Bitcoinica liquidation).

http://www.mvp.co.nz/media/reports/awmwaste1streport.pdf

These just give you a general idea of the type of information required.  The company handling the liquidation will likely have its own form but the basic information required will be the same.

[pof]

Thanks!

[tbcoin]

What happen with open positions? can be claimed?
It was never clear whether bitcoinica attitude about this it was lawful  ...

[repentance]

What happen with open positions? can be claimed?
It was never clear whether bitcoinica attitude about this it was lawful  ...

Only the liquidator can answer any questions about that.  Hopefully he'll be able to sort out his account and post here soon. 

[MPOE-PR]

This is pretty good for Bitcoin in the sense that some liquidators are now forced to figure out how to treat Bitcoins, something they wouldn't have done otherwise.

[epetroel]

To add a bit to this, I e-mailed Taslim as well and got a response back from him today. 

I specifically asked if they had any information from the original claims process that Bitcoinica set up previously, and he replied that they do not.  So even if you submitted a claim previously through Bitcoinica, you will almost certainly need to re-submit your claim along with supporting information through the liquidator.

[ninjarobot]

I'm kind of baffled that they don't have the existing claimsDB that Bitcoinica worked on. After all isn't the liquidator supposed to take control of all Bitcoinica assets and IP (Including this database?). Are the previous operators unwilling to hand it over, if so why?

The existing claimsDB is key here as it should also contain records of which creditors have already been paid back and to what extend.

[repentance]

To add a bit to this, I e-mailed Taslim as well and got a response back from him today. 

I specifically asked if they had any information from the original claims process that Bitcoinica set up previously, and he replied that they do not.  So even if you submitted a claim previously through Bitcoinica, you will almost certainly need to re-submit your claim along with supporting information through the liquidator.

You will absolutely need to submit a claim to the liquidator.  Even when the liquidator has the full records of the company this is still required by law.  I'd advise people to make their claims as accurate as possible.  Liquidators can reject disputed claims and they also have the power to subordinate claims under certain circumstances.  People need to bear in mind that this is a legal process and that knowingly providing false information is an offence which can bite you in the ass.  If you try to game the system you may end up not being paid at all.

[tbcoin]

Taslim Bhamji mail excerpt:
...
You will receive a copy of the liquidators first report next week along with a claim form for you to complete with which you can attach your supporting documentation.
...

[disclaimer201]

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[PKFCR]

Dear Investors

I confirm that Steve Lawrence & I, of PKF Corporate Recovery & Insolvency (Auckland) Limited have been appointed liquidators of the Bitcoinica Limited Partnership, which is registered in New Zealand. We are currently collecting information  and records and our immediate priority is securing the investor funds (in both cash and Bitcoins) and determining investor balances. It is too early to know how long the liquidation process will take, but we would like to move as quickly as possible towards a distribution to investors/creditors.

With this in mind, we would be grateful if all investors and creditors could email us with:
1. Their address and contact details;
2. Details of any amounts owed (both in bitcoins and/or currency); and
3. Supporting documentation for the claim;

Please send your details to taslim.bhamji@pkfcr.co.nz

The Liquidators’ first report is due to be sent to all creditors by 26 November 2012, but we are unable to do so if we do not have contact details for creditors or investors.  Our report will provide you with further details on the liquidation process.

We would also appreciate feedback from investors on whether they would prefer to receive a distribution in the form of Bitcoins (where possible) or whether they would prefer a straightforward cash distribution. We are still seeking to determine what options are available to us at law, and will let investors know in due course.

Lastly, we are aware of legal proceedings underway in California against the Limited Partnership. The Liquidators have sought to have the Limited Partnership withdrawn from the proceedings on the basis that it is in liquidation. We are concerned that the plaintiff investors may be seeking to better their position ahead of other investors, and we wish to see everyone treated fairly and equally.

If you have any further queries, please contact Taslim Bhamji on the email address provided.

Kind regards

Anthony McCullagh
Joint Liquidator
Bitcoinica LP (In Liquidation)

[repentance]

For those who aren't aware of it, the post above me was made by the liquidators themselves.  PKFCR is the company handling the liquidation.  Good to see that they got their forum account sorted out and will now be able to answer questions directly.

[tritium]

What constitutes supporting documentation? I sent everything in bitcoins so would the block explorer transaction numbers count, I could forward all emails I received from bitcoinica but that doesn't add up to the whole balance as email confirmations weren't activated until later.

I am really glad things are moving now though

[BCB]

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[Transisto]

...
We would also appreciate feedback from investors on whether they would prefer to receive a distribution in the form of Bitcoins (where possible) or whether they would prefer a straightforward cash distribution. We are still seeking to determine what options are available to us at law, and will let investors know in due course.
...

I've lost so much to incompetency,
I think you should keep our BTC in an escrow while you sort things out and demand AML details for USD who could become subject to a claw-back.

USD stay in USD, BTC stay in BTC.  I really wouldn't want to risk loosing more through your use of BTC exchanges.

[2GOOD]

What happen with open positions? can be claimed?
It was never clear whether bitcoinica attitude about this it was lawful  ...

Interesting question, I had around 50 coins bought at less than 5USD but since Bitcoinica lost the database this will be impossible to prove.

[repentance]

Just a quick reminder that it's Saturday afternoon down here so you might not get a response from the liquidator until NZ business hours on Monday.

[kokjo]

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