[Paymex] Was Paymex Trading insolvent?

[Stephen Howse]

Steve,
My 2 transactions (that is..... the payment into the system and also the
subsequent withdrawal) all happened before they announced the liquidation
but I still lost money.

I quizzed Kim on this and he seemed to think it did not matter the actual
time/date they put the company into liquidation.

I thought it would have.....

Stephen


-----Original Message-----
From: paymex-bounces at listserver.123.net.nz
[mailto:paymex-bounces at listserver.123.net.nz] On Behalf Of Stephen Barker
Sent: Friday, 26 September 2008 11:53 a.m.
To: info at globespec.co.nz; paymex at listserver.123.net.nz
Subject: Re: [Paymex] Was Paymex Trading insolvent?

Good point, but surely the liquidator will be looking into the timeline of
events on our behalf?

Steve 

(to list users: please remember to reply to all, not just reply as I just
nearly did!) 

> -----Original Message-----
> From: Globespec [mailto:info at globespec.co.nz] 
> Sent: Friday, 26 September 2008 11:42 a.m.
> To: paymex at listserver.123.net.nz
> Subject: [Paymex] Was Paymex Trading insolvent?
> 
> Hi Guys
> 
> I am not to up with the play with all the legal 
> ramifications, but one of my customers who has been effected 
> has suggested 
> 
> "Paymex continued taking money (trading insolvent - which 
> means you can take legal action against them if they have 
> folded as trading insolvent is illegal)."
> 
> Any thoughts??
> 
> --------------------------------------------------------------
> ----------
> 
> Comments: Hi 
> 
> One of the merchants who also deals with paymex talked to 
> liquidators and they had said that the business model paymex 
> has used was a bit dodgy cause these systems are meant to be 
> setup as trust accounts with firewalls for money etc. 
> 
> Instead what happened was it wasn\'t and all the merchants 
> (yourself) money goes into one account that you guys draw on.
> 
> So all money in, and out just sits in one unsecured account.
> Then what happened was that a paymex merchant defrauded 
> someone for about 100 thousand dollars or something and Visa 
> took the money back from paymex, but paymex was unable to 
> recover from merchant.
> Thus putting them in debt. 
> 
> Paymex continued taking money (trading insolvent - which 
> means you can take legal action against them if they have 
> folded as trading insolvent is illegal).
> 
> So essentially the whole reason for problem is that paymex 
> has a poor unprotected business model and all the merchants 
> have been stung by this, as when things went sour the money 
> is all sitting there and although there is 35,000 in the bank 
> account, they owe 50000 to merchants.
> 
> I believe that paymex\'s reputation will be so shot after 
> this that anyone trading under there name will not be likely 
> to be able to get off the ground again (if this indeed was 
> their business model).
> 
> True systems like this are meant to be in escrue (spelling ? 
> not sure) accounts or something which are firewalled against 
> visa taking other peoples money back etc, and so that the 
> company cannot touch it.
> 
> Instead this company sounds like they have set it up just as 
> a normal bank account with BNZ.
> 
> 
> 
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