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What is going on with First Choice?

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Apr 18, 2018
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No...process can be 10, 15 years long sometimes...it is from case to case...but usually it is a problem with liquidation not with payouts. But this does not smell good...again! I liked previous liquidator...
 
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Reactions: Claudia Smith
Mar 5, 2019
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No news :/ For so long just waiting and expecting to have our money back! Got my hopes all high but to not even receive the 1st payment! All I did so far was spend money printing forms, notarizing documents, and time of my life spent put into going through all their liquidation process with no results whatsoever for 2 years!
 
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Reactions: Aleexx
Apr 23, 2018
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We should have taken legal action against them for a long time ago, each passing day means less chance of recovering our money!!
 
Apr 18, 2018
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The problem is that legal action is within bannana country and no international revision is possible. The legal, state action where no bank wont allowe them to send our money back...but yet, there is some bank which are allowing them to continue to spend our money for there expances...
 
Aug 23, 2018
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I got a payment today. Ukraine:) Fuck you and thank you, FCP:)
Denis congratulations to u!!!
can u pls let me know some details ,like when last time u wrote to Choice bank,and what they answered ?
and on what email? and from which email they answered?
u got 53 % of ur amount?
and it was more then 2500 usd?
how often u did write or called to choice bank?
 
Apr 18, 2018
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To liquidator mail - no answer, to claims mail - same old automated answer...so i wrote to cetral bank of belize...so we will see if they answer...but i doubt, since they brought the new liquidator and everyone there works for them...
 
Jul 31, 2018
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To liquidator mail - no answer, to claims mail - same old automated answer...so i wrote to cetral bank of belize...so we will see if they answer...but i doubt, since they brought the new liquidator and everyone there works for them...
Maybe they died from the corona virus.
 
Mar 5, 2019
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Still getting the same auto message from them, that a new liquidator was appointed in January to finish the liquidation process and will be contacting us soon..

Well, it can't be soon, its been 2 months since the new liquidator came in and they all disappeared! Especially now with the coronavirus its one more excuse for them to really slow down the liquidation process and just keep being paid while holding our money.. this is so frustration when you think this situation has been going on for over 2 years to not even get the 1st transfer of funds!
 
  • Sorry to hear that.
Reactions: Jennifer20
Feb 11, 2020
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I've had an email and response (not automated) from the .claims email address last week, they asked me to resubmit my WTI form due to a mistake I made on 1 section. Their final comment was

"Please be advised we are still negotiating for a payment provider as soon as we are up and running we will notify you. Regards, The Liquidation Team"
 
May 21, 2018
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I emailed them in February 2020 and I got the same autoreply as everyone else here.
Also I emailed them today to see if I still receive that autoreply, and I received the same autoreply, but a few hour later, someone replied to my email telling me that because of the pandemic with coronavirus they are out of office and are unable to provide me with an update on my claim, but they will get back to me as soon as they are "up and running".
 
Apr 18, 2018
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At least now we know they are not dead:) i begun to thing that since nothing else except autoreply i got. I even wrote to central bank and still nothing...
 
Aug 18, 2018
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They have a new automated reply which I got today 😂


Please note a message from the Liquidator as follows:



"I am quite close to resolving a reliable means of making payments to claimants and should be in a position to make an announcement shortly prior to commencing pay-outs. There have been some delays in concluding this as a result of Covid-19 disruptions but I am targeting getting things in place by the end of next week.



I will contact you directly with another update shortly.



In the meantime, I wish you and your family health and safety.



Julian Murillo

Liquidator – Choice Bank Limited"
 
Jul 15, 2018
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Apr 18, 2018
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The previous liquidator spent 6 months and was paid $300,000 and didn't get you your money but you liked him?

The truth is no liquidator paid us as they should. We just can recognize between bad or less bad comunication. The orders for everything they do and especialy the amounts of sallaries are comming from central bank. I knew they are prolonging on purpose, until they drain as much as they can. Now when bannana country fucked up many banks and lost reputation and future businesses, they have nothing to lose. As i said, usualy the long proceses with liquidation is connected with gethering money...but the case when they have it and they cannot send it, its unique in the world! By everyones laws, you should be able to take cash in the process of liquidation, or at least the oportunity to open an account in theirs other bank so they can transfer the money. Some of us had big sums, so i would go there in person if i could choose between that and losing my money...
 
Jul 31, 2018
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While they gather that money, they will take turns to profit from the huge salaries they get with the job, which is normal in the banking world. And the Covid-19 situation is making the process even longer. I'm sure eventually most people will get a portion of their monies, but it will take another 6 months if not more.
 
Aug 18, 2018
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Have you seen the new update?


17th April, 2020
UPDATE ON THE LIQUIDATION OF CHOICE BANK LIMITED
A. General
The Central Bank of Belize appointed a new Liquidator for Choice Bank Limited at the end of January, 2020 with a view to bringing the liquidation to conclusion. The Liquidator thanks you for your patience while he and his team have endeavoured to resolve issues that were negatively impacting the progress of the liquidation.
B. Distribution of Payments
Since his appointment the Liquidator has worked diligently to resolve a number of outstanding matters, the most pressing of which was to procure appropriate banking arrangements to effect the long delayed distribution of payments to claimants.
The Liquidator is pleased to advise that that goal has been achieved and finalisation of banking services has been underway over the last few weeks despite some delays from the impact of Covid-19 on the operations of the Liquidator’s US bankers. The Liquidator is in discussions to agree on a payment schedule with his bankers and will update claimants as soon as this is available.
The Liquidation team will be contacting claimants over the course of the next two to three weeks to re-confirm payment instructions in preparation for disbursements once the payment schedule has been finalised. Claimants will have the option of receiving payments via either cashier’s cheques or wire transfers.
C. Disposal of Assets (Sale of Distressed Assets)
There was also the matter of closing the sale of distressed assets which had commenced in early 2019. Through a transparent sales process, the sale has now been finalized and has yielded approximately US$9.5 million.
The Liquidator continues efforts to dispose of the remaining financial assets and has sought legal recourse as necessary to ensure recovery.
D. Claims and Objections
A number of objections filed by claimants had been forwarded by the Central Bank of Belize to the Liquidator in early 2019 for secondary review. These were claims that had been submitted within the timeframe as defined by the Domestic Banking and Financial Institutions Act of Belize, but had been initially rejected by the Liquidator. One of these objections was material in size and complexity and therefore required resolution of multiple outstanding matters. During the last two months, the Liquidator and his team were able to review the matter in detail with the claimant and have resolved the related issues. As such, this and other claims have been admitted for payment and will therefore now need to be included in a revised Schedule of Actions as per the governing statute law in Belize.

F. New Schedule of Actions
Based on the foregoing, the additional inflows from asset disposal into the liquidation estate and the increased value of approved claims, it will be necessary to produce a new liquidation Schedule of Actions based on the current financial position. The Liquidator expects to have this completed and published within the next 21 days. This is a necessary step to comply with the letter of the law, ensure fairness to all claimants, and transparently update on the status of the liquidation.
I fully acknowledge and understand that this liquidation process has been ongoing for an unduly extended period of time. I offer my assurance that with our resolution of the various impeding issues, my team and I are committed to bringing the liquidation process to an expeditious conclusion, ensuring the best outcome for you, the claimants, in particular in these trying times.
In the meantime, we will continue to work diligently to progress all matters and offer best wishes for health and safety to you and your families.
Julian Murillo
Liquidator, Choice Bank Limited
 
May 3, 2018
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Have you seen the new update?


17th April, 2020
UPDATE ON THE LIQUIDATION OF CHOICE BANK LIMITED
A. General
The Central Bank of Belize appointed a new Liquidator for Choice Bank Limited at the end of January, 2020 with a view to bringing the liquidation to conclusion. The Liquidator thanks you for your patience while he and his team have endeavoured to resolve issues that were negatively impacting the progress of the liquidation.
B. Distribution of Payments
Since his appointment the Liquidator has worked diligently to resolve a number of outstanding matters, the most pressing of which was to procure appropriate banking arrangements to effect the long delayed distribution of payments to claimants.
The Liquidator is pleased to advise that that goal has been achieved and finalisation of banking services has been underway over the last few weeks despite some delays from the impact of Covid-19 on the operations of the Liquidator’s US bankers. The Liquidator is in discussions to agree on a payment schedule with his bankers and will update claimants as soon as this is available.
The Liquidation team will be contacting claimants over the course of the next two to three weeks to re-confirm payment instructions in preparation for disbursements once the payment schedule has been finalised. Claimants will have the option of receiving payments via either cashier’s cheques or wire transfers.
C. Disposal of Assets (Sale of Distressed Assets)
There was also the matter of closing the sale of distressed assets which had commenced in early 2019. Through a transparent sales process, the sale has now been finalized and has yielded approximately US$9.5 million.
The Liquidator continues efforts to dispose of the remaining financial assets and has sought legal recourse as necessary to ensure recovery.
D. Claims and Objections
A number of objections filed by claimants had been forwarded by the Central Bank of Belize to the Liquidator in early 2019 for secondary review. These were claims that had been submitted within the timeframe as defined by the Domestic Banking and Financial Institutions Act of Belize, but had been initially rejected by the Liquidator. One of these objections was material in size and complexity and therefore required resolution of multiple outstanding matters. During the last two months, the Liquidator and his team were able to review the matter in detail with the claimant and have resolved the related issues. As such, this and other claims have been admitted for payment and will therefore now need to be included in a revised Schedule of Actions as per the governing statute law in Belize.

F. New Schedule of Actions
Based on the foregoing, the additional inflows from asset disposal into the liquidation estate and the increased value of approved claims, it will be necessary to produce a new liquidation Schedule of Actions based on the current financial position. The Liquidator expects to have this completed and published within the next 21 days. This is a necessary step to comply with the letter of the law, ensure fairness to all claimants, and transparently update on the status of the liquidation.
I fully acknowledge and understand that this liquidation process has been ongoing for an unduly extended period of time. I offer my assurance that with our resolution of the various impeding issues, my team and I are committed to bringing the liquidation process to an expeditious conclusion, ensuring the best outcome for you, the claimants, in particular in these trying times.
In the meantime, we will continue to work diligently to progress all matters and offer best wishes for health and safety to you and your families.
Julian Murillo
Liquidator, Choice Bank Limited
Ya, just recieved this email as well and went on AC to check if anyone has got some other news on this. I already got my first payment, so does this mean that they are getting ready to do the next transfer and pay the ones that haven't recieved anything yet?
 
Apr 18, 2018
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As i see, now that 50% even is not sure...they spent alot for expences, plus they approved corporate claims or maybe even law suits against a little in flows they got from selling asets...so now they will announce new payment percentage...
At the end they havent said anything concrete. Just ask yourself, if you were liquidator with monthly sallary of 50 000, would you stay 1 mont or maximum of 6 months until the new one comes?!
 
May 3, 2018
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Is there anything we have to do after this email? Respond back or anything, or was this just a information? I am not native english so i read a lot of giberrish in this "statement"
 
Jul 31, 2018
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Is there anything we have to do after this email? Respond back or anything, or was this just a information? I am not native english so i read a lot of giberrish in this "statement"
Nothing you can do, just wait, they will post a schedule during the next 21 days, on how they will make the next payments for each category of claimants. After that you'll know when to submit your claim again.
 
Jun 1, 2018
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Nothing you can do, just wait, they will post a schedule during the next 21 days, on how they will make the next payments for each category of claimants. After that you'll know when to submit your claim again.
we will have to submit claims again?
sounds like another 1-2 years to go
 
Apr 18, 2018
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Noone mentioned new claims...they are confirmed. They said they will ask us to confirm payment info again so to be sure...and that they announce new percentage of payments. I hope it cannot be less then 53% since some of the people already got this. Lets hope it will be more then this 53%...but nevertheless, they staling...making excuses so they can drain the account over time...even the first sent payment was to the people with lower ammounts( correct me if im wrong, but did anyone got more then 5, 10k last time )?
 
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Reactions: Dill
Mar 5, 2019
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I've got the statement update in my email as well. They said they'll be in touch within the next 21 days. So far haven't heard anything yet, we'll see.. They really should just pay us the total 100%, this has been going for 2 years, I haven't even received the first 50% yet. If it takes them over 2 years to pay 50%, will it take another 2 - 3 years to get the rest? That is IF I see any of my money back at all, which I haven't yet! It's really upsetting, I've left the adult business in 2017 and haven't been able to work for a long time now, I had over $10k as "savings" in my Payoneer card. Now with this COVID19 pandemic I really needed to use the money, it feels the money that I worked for has been taken away from me. Instead I am getting in debt by getting loans to pay for my university because I don't have enough savings anymore. I've kept my money with Payoneer for years thinking it was a safe way to have my savings and I could use the card anywhere in the world. Instead, it's been over 2 years waiting just trying to get it back when now I am actually in need of that money. The adult business really sucks in a way, because I always felt I needed to keep my money hidden along with my job, and the consequence of that is we get fucked up because of conservative laws and a sexually repressed society.
 
  • Sorry to hear that.
Reactions: Jennifer20