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The court have given more time for creditors to claim, what if they don't approach the administrators and there is money left at the end?
So Astral, you claim the court has given more time for the completion. I went to POG's website to see if any Opus updates and at t6he moment its unavailable
It's up an running for me, there was a hearing on 19th or 20th and an update from the hearing on 25th of January. What you think will happen in case they don't pay all the creditors?
Astral: my link after 11 years doesn't work anymore. However I contacted Opus who sent me the link that does Now to try and grasp whats happening
Nick Hood elaborates
Dear Mr Jenkins,
Thanks for getting in touch.
The website is very definitely still active, indeed I’ve been on the site myself three times today. Here is the link to the relevant page, where updates are posted as when there are developments: https://petropavlovskplc.com/administration-news/
The situation is that the Schemes of Arrangements governing the payment of creditors have now been approved by creditors and by the High Court. Details of these matters are on the page to which the above link will take you.
The next step is the actual payment of creditors, which is expected to be completed subject to the terms of the Schemes by the end of this month. The Administrators hope that the Administration can be completed by the anniversary of their appointment, i.e in July 2023.
The next general update for stakeholders is due to be published next month, as required under the Insolvency Act, but the situation as regards shareholders has not changed since you were last in touch. The Administrators’ opinion is still that there will be no funds available for shareholders. The process for ending the Administration and for closing down the Company will be set out in this update.
With kind regards,
Nick Hood
For and on behalf of the Administrators of Petropavlovsk PLC (In Administration)
What is unclear for me is that if not all of the creditors will paid that means money will be left in the company. They will have to do something with those money before winding up the company. The next in line are shareholders, which means there should be something for us?
Am I missing something or it doesn't work like that?
They've thrown down the gauntlet and we are in no position to pick it up
we can't rely on the UK government and the states watchdogs to fight our corner, if anything they're complicit in the steal. WEvgen the high court at a time we're sending tanks to Russia rubber stamps ensuring that the Russian creditors get their money and ours
I understand what you saying, I've lost £81k in POG, but if the court is deciding what will happen with the rest of the money, if anything left, then I presume we will get something back. Let's hope for the best and we recover something back.
Hi Astral, are you in the telegram group? Are you a long term holder. My answers are yes and yes.
Why can't we just use our real names
Hi Lawrence. I get you. But I know this is a public forum and I’d rather keep a low profile.
Why are you a limbo dancer
Real names doesn't matter. I am in one telegram group but it's kind of dead lately. There was some talking of organising someone to represent us but I don't know what happened with that. I bought POG after the crash last year, so not much of a LTH but lost sizeable amount. Is there anything happening in the background?
Haha. Not with my back!
Ah I see. That was quite a punt then. Still, I don’t think the outcome was predictable. Even after the invasion, there were positive updates for a while. I think some of the discussions in the Telegram group I know (could be loads for all I know) may have been a distraction lately. I have no idea what’s happening in the background, but am wondering what happened to all the LTH’s. Were they smart enough to get out earlier?
Hi mate
I think I was on a telegram group for this but I got kicked off for some reason when it went private recently. Are you on a POG telegram group ?
Thanks
The scammers on Telegram trying to find a way to make a few £ back. Kicked everyone off unless they agreed to their manipulative ways.