Quote from: igot_user_03773356 on July 30, 2015, 03:07:02 PM

Quote from: Swisswatcher on July 26, 2015, 04:38:37 AM

will iGot actually pay out?

Apparently not! I'm still owed close to USD16K. It has been almost 90 days.

Given it's about a week since igot_user_03773356 posted this, it's likely he's now been waiting over 90 days for payment.

That says to me that iGot is insolvent. There are serious consequences under Australian law for company directors if they allow their entities to continue trading while insolvent and if iGot are still taking deposits they're effectively still entering into debt whilst insolvent which is a criminal offence.

From the Australian Securities and Investments Commission (equivalent to the US' SEC) Regulatory Guide on Directors' duties around insolvency:

I'd suggest that it's on the verge of collapse. If people are having this many problems just withdrawing funds, imagine how far behind financiers/suppliers are getting their invoices paid. One of those suppliers could force the issue at any moment and instigate liquidation/wind-up proceedings at which point it's all over and I'd say 'depositors' just become unsecured creditors (i.e. you're at the bottom of the list behind the banks and any creditors that have their debt secured against some other asset (like directors' real estate property for instance).

It's a terrible situation and I feel for anyone that's caught in it. As per a previous post I made, I've had terrible difficulties with iGot in the past and their incompetence at handling very basic fundamental transactions (like 'buying or selling bitcoin'!) became a red flag for me about six months ago and I stopped using them.

(The document, portions of which are displayed above, can be found at http://download.asic.gov.au/media/1241384/rg217-29july2010.pdf)