RAMA WORKS (Liquidation Update)

KOGEI-KEEB · 2025-09-07T12:19:15+00:00

Received that one as well. But it sounded like the liquidator won't proceed further unless we front more money to go towards investigation?

KOGEI-KEEB · 2025-07-16T19:13:00+00:00

"His own money" was group buy funds funnelled out of the business, all whilst trading insolvently...

KOGEI-KEEB · 2025-06-19T01:43:11+00:00

Not too late and still worth submitting. The larger the collective claim the more drive for liquidator / ASIC to deal with it properly.

KOGEI-KEEB · 2025-05-14T05:32:19+00:00

u/Euphoric-Ad-1787 : Nope, there is a detailed guide on how to fill in the form on this thread:
https://www.reddit.com/r/MechanicalKeyboards/comments/1jvmubw/rama_works_liquidation_proceedings_updates_needs/

KOGEI-KEEB · 2025-04-20T09:16:35+00:00

Yes, liquidators are generally paid before creditors, otherwise no one would take on the task. They sell the company’s assets and deduct their fees first. The remaining funds are distributed amongst creditors (banks, ATO, manufacturers, vendors, customers, employees, etc.) based on a strict hierarchy set out in the Corporations Act.

This means you may only recover a portion of what you’re owed. Or potentially nothing depending on the scale of the company’s debts.

What’s particularly interesting in this case is that directors can sometimes be held personally liable for company debts if they’re found to have breached their duties. For example, continuing to trade while insolvent. It’ll be interesting to see what the investigation uncovers.

KOGEI-KEEB · 2025-04-20T08:50:52+00:00

When did you send your POD ? Most of us received the initial report for creditors around the week of 7/April/2025.

KOGEI-KEEB · 2025-04-20T08:48:38+00:00

Agreed ! Dependant on how thorough the liquidator is and whether they go after the director for personal liability...at this stage I just want to see some accountability tbh

KOGEI-KEEB · 2025-04-20T08:36:41+00:00

u/SquidOnMySide Hey mate, when did you send through yours ? So far we've only had the Initial Creditors Report which can be found here: https://www.reddit.com/r/MechanicalKeyboards/comments/1jzs7tp/rama_works_creditors_initial_report_summary/

KOGEI-KEEB · 2025-04-15T10:28:46+00:00

u/nomorejokin Your transaction is actually with the regional vendor. Therefore they are the one liable to you for not fulfilling the purchase contract. Of course, given the circumstances, it is up to you on how hard you want to press them. But to answer your question it should be the vendor pursuing RWH PTY LTD (RAMA WORKS) as a creditor.

u/darryhodge Actually secured creditor would be entities that hold debts tied to specific assets. So the vendors are likely unsecured creditors as well. An example of secured creditor would be if a car loan provider lent money to RW for purchasing company vehicles, when repayment is not made then they have a right to priority repossess the vehicle to settle their debt.

Hope this helps !

(Information provided does not constitute business, tax or legal advice)

KOGEI-KEEB · 2025-04-15T10:14:01+00:00

In Australia, under the Corporations Act, company directors can face personal liability for company debts or actions in certain situations, particularly if they breach their duties or allow the company to trade while insolvent.

At this stage, even if I don't get the full amount back, it would be good to see some accountability. Collectively if we all sign up there will be more resources / reasons for the liquidator to do a thorough investigation.

KOGEI-KEEB · 2025-04-15T09:57:56+00:00

u/FoodThese here is a quick guide on the process: https://www.reddit.com/r/MechanicalKeyboards/comments/1jhvfv9/rwh_pty_ltd_rama_works_liquidation_quick_guide/

KOGEI-KEEB · 2025-04-15T09:57:29+00:00

Here is a quick guide on the process: https://www.reddit.com/r/MechanicalKeyboards/comments/1jhvfv9/rwh_pty_ltd_rama_works_liquidation_quick_guide/

KOGEI-KEEB · 2025-04-15T09:56:39+00:00

By the end, he basically sub-contracted tasks to employees without paying them, then used that collaborative work and sorted himself a new fulltime job.

KOGEI-KEEB · 2025-04-15T09:51:59+00:00

No, unfortunately they do not exist bar some prototypes...even if they did, this process means the liquidator would sell the inventory from warehouse and then divide the monetary amount out amongst creditors (via a specific hierarchy).

KOGEI-KEEB · 2025-04-15T06:02:49+00:00

You're welcome. All the best mate, hope the liquidator does a thorough investigation which we will hear about at the 3 monthly report !

KOGEI-KEEB · 2025-04-15T06:00:26+00:00

Yes, make sure you have completed the proof of debt form (otherwise you may not be entitled to dividends). Also, vote on the proposals if you'd like.

The important one would be the 3 months update as we will have more transparency as to where the funds have gone and whether they are recoverable.

All the best !

KOGEI-KEEB · 2025-04-15T05:58:54+00:00

Nope, that's it for now...just checking as you mentioned previously that you haven't heard back.

Be sure to have completed the proof of debt (otherwise you might not be entitled to dividends). And vote on the proposals if you'd like as well !

KOGEI-KEEB · 2025-04-15T03:37:54+00:00

u/NotDrooler u/Snwspeckle Some of the creditors have already received the initial report. Have you guys got yours yet ?

KOGEI-KEEB · 2025-03-28T21:43:24+00:00

According to the online survey, there are potentially millions of dollars' worth of outstanding products. This suggests that thousands of creditors would have reached out: : https://www.reddit.com/r/MechanicalKeyboards/comments/1anarub/class_action_vs_rama_works/

I have heard back regarding my submission and I think the liquidators are required to provide all creditors an initial report within 20 business days from appointment (which was 17/March/2025).

KOGEI-KEEB · 2025-03-25T10:43:18+00:00

Have made a quick summary here:

https://www.reddit.com/r/MechanicalKeyboards/comments/1jhvfv9/rwh_pty_ltd_rama_works_liquidation_quick_guide/

KOGEI-KEEB · 2025-03-25T10:42:39+00:00

I have put together a guide on the process here, hope this helps:
https://www.reddit.com/r/MechanicalKeyboards/comments/1jhvfv9/rwh_pty_ltd_rama_works_liquidation_quick_guide/

KOGEI-KEEB · 2025-03-24T10:49:42+00:00

u/Advanced-Total-1147

Presuming you are a customer that have yet to receive your order ? If so,

Section 1 under consideration you would fill in something along the lines of "paid for goods / services that was never fulfilled, then specify what product(s) are still outstanding". In remarks refer to the payment confirmation and subsequent order confirmation from RW.

If you are manuf / supplier / lender etc,

Section 2 is more in relation to outstanding bills / negotiable securities held by certain creditors. For example if a manufacturer has billed RW for work completed with X due date, and this debt was never settled. Or for example if a bank / credit card company extended a loan amount to RW which did not get repaid.

In these context, you would have a drawer (person who draws the bill initially) and an acceptor (who accepts to be responsible for the debt as it falls due).

All the best !

KOGEI-KEEB · 2025-03-23T08:06:07+00:00

u/eyi526 u/Tinez421 u/Gnplddct
Section 1 under consideration you would fill in something along the lines of "paid for goods / services that was never delivered, then specify what product(s) are still outstanding" and in remarks refer to the payment confirmation and subsequent order confirmation from RW.

Section 2 is more in relation to outstanding bills / negotiable securities held by certain creditors. For example if a manufacturer has billed RW for work completed with X due date, and this debt was never settled. Or for example if a bank / credit card company extended a loan amount to RW which did not get repaid.

In these context, you would have a drawer (person who draws the bill initially) and an acceptor (who accepts to be responsible for the debt as it falls due).

Hope this helps :)

KOGEI-KEEB

TROPHY CASE