Scammed by Quikfund or related Telecommunication/Finance Companies? Here is the latest update, writes Commercial Litigation Associate Georgia Taylor.
Quikfund Scam Background
In 2012, Attwood Marshall Lawyers commenced three test cases in the Federal Court of Australia on behalf of a class of victims who were induced to enter the ‘telephony bundled deals’ as a result of misleading or deceptive conduct on the part of the Quikfund sales representatives.
From the resolution of the test cases, Attwood Marshall Lawyers have represented many clients against Quikfund and Enterprise Finance Solutions (EFS) with successful resolutions. If you have received documentation with an allegation of an alleged debt or have noticed a black mark on your credit rating, please get in contact with us.
Update: Quikfund entered into voluntary administration
Quikfund (Australia) Pty Ltd entered into voluntary administration from 18 December 2018. Voluntary administration is a process whereby a company’s directors ‘hand over’ the control of an insolvent company to certified administrator to see if they can work out a way to save the company or its business. This is a tool used by directors as a last resort with one of three outcomes being:
- Entering a deed of company arrangement with the creditors and returning the company to the directors control; or
- Returning the company back to the director’s control ensuring the company is not insolvent.
Debt assigned to 3P Partners Pty Ltd
From our notification of Quikfund’s administration, our matters both at a plaintiff and defendant level stood idle waiting for the administrator’s next move. We now have notification that Quikfund and EFS have assigned some of their debts to 3P Partners Pty Ltd who are also represented by Quikfund’s former legal representatives.
Assigning a debt or namely a ‘cause of action’ is a common tool used by administrators, liquidators and debt collection companies to pursue debts when the owner of the action is not capable or otherwise, of doing so. In this case, Quikfund and EFS have assigned some of their causes of action against alleged debtors of a company to 3P Partners Pty Ltd to collect against their loan agreements.
As of 12 February 2019, the administrators have handed back the management of Quikfund to their operational staff, but it doesn’t mean they are out of trouble yet.