{"id":8477,"date":"2024-02-26T14:01:41","date_gmt":"2024-02-26T12:01:41","guid":{"rendered":"https:\/\/dotnewsconnect.co.za\/law\/?p=8477"},"modified":"2024-02-26T14:01:45","modified_gmt":"2024-02-26T12:01:45","slug":"ponzi-schemes-can-liquidators-claw-back-600-of-payouts","status":"publish","type":"post","link":"https:\/\/dotnewsconnect.co.za\/law\/2024\/ponzi-schemes-can-liquidators-claw-back-600-of-payouts\/","title":{"rendered":"Ponzi Schemes: Can Liquidators Claw Back 600% of Payouts?"},"content":{"rendered":"

\u201cMTl’s business clearly amounted to an unlawful ponzi-scheme, i.e. a fraudulent investing scam promising high rates of return to investors and generating returns for earlier investors with investments taken from later investors.\u201d (Extract from the MTI judgment)<\/p><\/blockquote>\n

Recent media reports of the MTI (Mirror Trading International) liquidators making repayment demands of investors highlight once again the dangers of falling for \u201ctoo good to be true\u201d investment schemes.<\/p>\n

The problem is that by their very nature, all pyramid schemes (including \u201cponzi\u201d schemes) eventually fail, leaving the vast majority of investors with nothing but the hope of being awarded a partial dividend on their claims when the holding entity is eventually liquidated.<\/p>\n

But what if an investor is one of the \u201clucky early birds\u201d who got paid out before the scheme\u2019s collapse?<\/p>\n

Debunking the \u201cearly bird investor catches the worm\u201d myth<\/h6>\n

A common myth is that the only losers in a collapsed pyramid scheme are those investors who didn\u2019t get their money out in time, and that the \u201cearly birds\u201d who did act quickly are winners in the equation.<\/p>\n

The problem for them is that liquidators have wide powers to reclaim payouts made to investors (as creditors) before liquidation. The idea is that payouts by definition come from new money paid in by new investors, and that to be fair to them it is necessary to put everything back into the pot for\u00a0all<\/strong>\u00a0investors and other creditors to share according to their claims. But of course they only share in what\u2019s left after all the liquidation costs and fees have been settled, and in a large and complex liquidation like MTI\u2019s those costs will be particularly substantial.<\/p>\n

The practical issue is that whatever was paid out to investors\/creditors \u2013 both by way of the original investment and the \u201cprofit\u201d on it \u2013 is likely to be claimed back by the liquidator. And the investor forced to repay everything is left with nothing but a concurrent claim in the liquidation.<\/p>\n

Of course a liquidator\u2019s prospects of recovery will be boosted if they can obtain a court declaration of unlawfulness of the scheme and invalidity of the investment contracts (as has already happened in the MTI liquidation), but let\u2019s see how that could then play out in practice.<\/p>\n

The liquidator\u2019s options for recovery<\/h6>\n

To summarise the options available to a liquidator in recovering payouts made before liquidation –<\/p>\n

    \n
  • \u201cVoidable preference\u201d:<\/strong>\u00a0If the payout was made within six months prior to liquidation and immediately thereafter the company\u2019s liabilities exceeded its assets, it is repayable to the liquidator unless the investor can prove that that the disposition was made \u201cin the ordinary course of business\u201d and without intention to prefer one creditor above another. That could be hard to prove in the case of a pyramid scheme.<\/li>\n
  • \u201cUndue preference\u201d:<\/strong>\u00a0If at any time a payout was made by the company with the intention of preferring one creditor above another, it is repayable to the liquidator if the company\u2019s liabilities exceeded its assets at that stage. In this case, the onus is on the liquidator to prove the intention to prefer, but that may perhaps be easier to prove in a pyramid scheme scenario than in other corporate failure scenarios.<\/li>\n
  • \u201cDisposition without value\u201d:<\/strong>\u00a0Monies paid out to a creditor at any time must be repaid to the liquidator if the company received no \u201cvalue\u201d in return, subject to \u2013\n
      \n
    • \u00a0Where the payout was made more than two years prior to liquidation, the liquidator must prove that immediately thereafter the company\u2019s liabilities exceeded its assets.<\/li>\n
    • But if the payout was made within those two years, the onus switches to the creditor to prove that immediately thereafter the company\u2019s assets exceeded its liabilities. In the case of a pyramid scheme that may be impossible to prove.<\/li>\n<\/ul>\n

      Note that the creditor in such a case will also generally lose their claim against the company.<\/li>\n

    • \u201cCollusive dealing\u201d:\u00a0<\/strong>If the liquidator can prove that a creditor colluded with the company to pay out monies with the effect of prejudicing creditors or of preferring one creditor above another, the colluder will not only forfeit their claim but can also be ordered to pay in a penalty of up to the same amount. A liquidator could for example try to prove that the investor\/creditor was aware of the unlawfulness of the scheme at the time of the payout.<\/li>\n<\/ul>\n
      Even worse, could investors lose a lot more than they put in?<\/h6>\n

      Media reports suggest that an MTI investor, who invested R20,000 and was paid out R21,000 shortly before liquidation, received a demand from the liquidators to repay not just his initial investment and profit, but for 600% of what he put in. The sum claimed (at date of writing) is R122,000, that being the current value of the bitcoin he initially invested \u2013 the argument being presumably that what was disposed of was \u201cproperty\u201d (bitcoin), in which case the liquidators would be entitled to reclaim either the bitcoin or its value at the date the disposition is set aside. The justification will no doubt be that that is what the company and its creditors as a whole have actually lost as a result of the disposition. If our courts agree with that view, being sued for a great deal more than the original investment will be a particular risk when the investment is a volatile asset like bitcoin.<\/p>\n

      The High Court has previously declared MTI an illegal and unlawful scheme and all agreements between it and investors unlawful and void, but that of course is only the first step for the liquidators in proving their claims against investors. Media reports suggest that many investors are lawyering up to oppose the claims so we must wait and see how it all plays out in the courts.<\/p>\n

      Regardless, the risk of not only losing the original investment but then also having to cough up a great deal more over and above that certainly does fire yet another warning shot across the bows of anyone tempted to invest in any scheme promising unrealistic returns.\u00a0Prospective investors shouldn\u2019t part with a cent until they confirm that the scheme is actually legitimate.<\/strong><\/p>\n

      Disclaimer:\u00a0The information provided herein should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your professional adviser for specific and detailed advice.<\/p>\n

      \u00a9 LawDotNews<\/p>\n","protected":false},"excerpt":{"rendered":"

      \u201cMTl’s business clearly amounted to an unlawful ponzi-scheme, i.e. a fraudulent investing scam promising high rates of return to investors and generating returns for earlier investors with investments taken from later investors.\u201d (Extract from the MTI judgment) Recent media reports of the MTI (Mirror Trading International) liquidators making repayment demands of investors highlight once again […]<\/p>\n","protected":false},"author":101014,"featured_media":8478,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[8,24],"tags":[],"class_list":["post-8477","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general-interest","category-insolvency-liquidation-business-rescue"],"yoast_head":"\nPonzi Schemes: Can Liquidators Claw Back 600% of Payouts? • LawDotNews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dotnewsconnect.co.za\/law\/2024\/ponzi-schemes-can-liquidators-claw-back-600-of-payouts\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ponzi Schemes: Can Liquidators Claw Back 600% of Payouts? • LawDotNews\" \/>\n<meta property=\"og:description\" content=\"\u201cMTl’s business clearly amounted to an unlawful ponzi-scheme, i.e. a fraudulent investing scam promising high rates of return to investors and generating returns for earlier investors with investments taken from later investors.\u201d (Extract from the MTI judgment) Recent media reports of the MTI (Mirror Trading International) liquidators making repayment demands of investors highlight once again […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/dotnewsconnect.co.za\/law\/2024\/ponzi-schemes-can-liquidators-claw-back-600-of-payouts\/\" \/>\n<meta property=\"og:site_name\" content=\"LawDotNews\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/dotnewscoza\" \/>\n<meta property=\"article:published_time\" content=\"2024-02-26T12:01:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-02-26T12:01:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/dotnewsconnect.co.za\/law\/wp-content\/uploads\/sites\/2\/2024\/02\/liquidation_650.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"650\" \/>\n\t<meta property=\"og:image:height\" content=\"300\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"LawDotNews\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@dotnewstweets\" \/>\n<meta name=\"twitter:site\" content=\"@dotnewstweets\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"LawDotNews\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/dotnewsconnect.co.za\\\/law\\\/2024\\\/ponzi-schemes-can-liquidators-claw-back-600-of-payouts\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/dotnewsconnect.co.za\\\/law\\\/2024\\\/ponzi-schemes-can-liquidators-claw-back-600-of-payouts\\\/\"},\"author\":{\"name\":\"LawDotNews\",\"@id\":\"https:\\\/\\\/dotnewsconnect.co.za\\\/law\\\/#\\\/schema\\\/person\\\/1ca6b5523156abce6e7e446cf033d72c\"},\"headline\":\"Ponzi Schemes: Can Liquidators Claw Back 600% of Payouts?\",\"datePublished\":\"2024-02-26T12:01:41+00:00\",\"dateModified\":\"2024-02-26T12:01:45+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/dotnewsconnect.co.za\\\/law\\\/2024\\\/ponzi-schemes-can-liquidators-claw-back-600-of-payouts\\\/\"},\"wordCount\":1091,\"publisher\":{\"@id\":\"https:\\\/\\\/dotnewsconnect.co.za\\\/law\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/dotnewsconnect.co.za\\\/law\\\/2024\\\/ponzi-schemes-can-liquidators-claw-back-600-of-payouts\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/dotnewsconnect.co.za\\\/law\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2024\\\/02\\\/liquidation_650.jpg\",\"articleSection\":[\"General Interest\",\"Insolvency \\\/ Liquidation \\\/ Business Rescue\"],\"inLanguage\":\"en-ZA\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/dotnewsconnect.co.za\\\/law\\\/2024\\\/ponzi-schemes-can-liquidators-claw-back-600-of-payouts\\\/\",\"url\":\"https:\\\/\\\/dotnewsconnect.co.za\\\/law\\\/2024\\\/ponzi-schemes-can-liquidators-claw-back-600-of-payouts\\\/\",\"name\":\"Ponzi Schemes: Can Liquidators Claw Back 600% of Payouts? 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