At the hearing today 2 March 2022 in Cape Town, we have managed to get the following result and agreement.
A Clear Way forward has been agreed upon with the Liquidators.
Note this is a summary of the Basic Agreement which was reached between GetaQuid and the Liquidators.
The Agreement was negotiated on behalf of our GetaQuid Class Action and focuses on the Net Equity Losers (NEL's).
The Liquidators have formally agreed to an extension of time as sought and have formally agreed to engage with GetaQuid and its members to prove their claims electronically.
In order to expedite this situation, they will give us access to the MTI back office to be able to research and match up the claims of the Investors.
Further, we will then assist the Investors to prepare their claims for submission. The first part of the submission will be purely electronic through our COGS back office.
GetaQuid will then present the approved claim to the Liquidators for clearance. An offer will follow from the Liquidators' office. If the Investor accepts the offer, the claim can then be submitted in hard copy.
Documents are printed off - QR Code is generated - Documents posted to the designated office.
On arrival, the documents are checked against the electronic record and the Liquidators formally sign off on the claim.
We have 90 days to complete this operation for the 15000 on our books at the moment.
The sooner you can subscribe, the sooner we can start working on your claim.
The structure is already in place.
By signing up with us you have the expert backing of our legal team and the experts that know what is required.
GetaQuid can check that your documents conform and help you make adjustments where required.
You have a completely independent attorney and advocate looking after your claim and holding the Liquidators' office to account in terms of our court registered agreement.
Any difficulties can be dealt with by our back-office.
Very Importantly, we will assist the Net Winners as well; only to negotiate a settlement with the liquidators. The full procedure to assist them will be dealt with on a private consultation and formal agreement basis. This means if a Net Winner comes to the table to clear the air, we will help him/her negotiate a return payment plan with the Liquidators.
The Net Equity Winner is in danger of seizure of asset orders from the liquidators.
Coming to the table with a full and honest declaration benefits the NEL as it increases the equity pot and prevents the liquidators from having to spend money on unnecessary litigation and the seizure of assets.
This will be covered in more detail in the Webinar to be held on Thursday evening 3 March 2022.