Urgent notice: Primebetz closure with immediate effect

[allfreechips]

Dear Partner

It is with deep regret that we inform you of the immediate closure of Primebetz.com. Despite our best efforts to sustain operations, unforeseen financial challenges have made it impossible to continue.

We understand the impact this news may have on our valued partners. Unfortunately, due to the circumstances, we are unable to settle outstanding commission payments. We recognize the seriousness of this and sincerely apologize for the difficulties it may cause.

We want to thank you for your collaboration and support throughout our partnership. Your efforts have been integral to our journey, and we deeply appreciate the trust you placed in us.

Thank you again for your partnership and understanding during this difficult time.

PrimeBetz Affiliates

[Pokerface]

And unable to settle outstanding commission payments ....

[NoDepositCasinos]

I know these things unfortunately happen quite often, but I still find it outrageous that a company can say something like “Oops, something went wrong, we won’t be able to pay you for the work you already did,” and everything carries on as if nothing happened. At this point, my expectations are so low that my first thought was that at least they had the decency to send a message instead of disappearing like so many others, but honestly, I doubt those financial challenges showed up overnight.

[TheGooner]

I know these things unfortunately happen quite often, but I still find it outrageous that a company can say something like “Oops, something went wrong, we won’t be able to pay you for the work you already did,” and everything carries on as if nothing happened.

If EVERYTHING carries on as before then you are absolutely correct - it's outrageous and almost certainly illegal.

However, if the Primebetz.com program / site is being closed / liquidated / wound-up correctly ... then this sort of thing happens frequently with business ventures.

Secured creditors get paid first - usually that's government and inland revenue, and banks with secured ranking loans (and maybe specified assets or guarantees by directors).

Unsecured creditors get put into a pool - and that includes affiliate and other trade debts - and if there is any money left after paying secured creditors (often there is NOT), then you all get a percentage share of your debt paid between 0% to 100%

However, when done properly this is usually an organised liquidation of assets, and takes some weeks / months.

Sidenote : As the liquidator PAYS their own fees and charges first BEFORE even paying secure creditors - this process is painful and usually results in the liquidators getting most of the money ... it RARELY ends well for unsecured trade creditors.

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So, for the initial email to state that they know that they will not be paying affiliates already, it sounds a bit like a lightly capitalised shell company with minimal assets that has been using affiliate funds (and maybe player funds) to make ends meet for a while now. And the statement breaches due process.

In a first world economy this would suggest that the company has been "trading recklessly while insolvent" for a while now, which is a breach of director responsibility and there would be additional charges against named people. Of course none of this will help unsecured creditors see any money - but hopefully they will not be able to immediately start up a new comapny doing the same sh!t.

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A quick check shows me that :
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Primebetz.com is operated by Starscream Limited, a company incorporated in Saint Lucia that is licensed and regulated by the Kahnawàke Gaming Commission.

And AI tells me :
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A company generally cannot legally close without paying its legitimate trade bills. When a company becomes insolvent or winds up operations, the legal process (such as the Companies Act of Saint Lucia where Starscream Limited is registered) dictates an orderly process for settling debts with creditors.

Simply declaring the bills unpaid is a likely breach of contract and potentially fraudulent, depending on the circumstances and intent. Creditors have legal recourse to pursue the debt through civil action or by filing a claim during the winding-up process.

Creditors of a business that has ceased operations and cannot pay its bills should register their claim with the relevant insolvency service or authorities in Saint Lucia to have a chance of recovering funds if any assets are available.

Also :
While the Kahnawake Gaming Commission (KGC) has regulations and the power to revoke licenses for non-compliance, their
primary focus is often on player protection and fair gaming rather than settling international business-to-business trade disputes

However, as we have seen many times before, the likelihood that several (or even one) affiliates actually follows through with a filing of claim in St Lucia is close to ZERO.

The practical reality is that enforcing judgments across different international jurisdictions can be a complex and expensive process, which some operators in these regions may exploit.

[Cash Bonus]

And unable to settle outstanding commission payments ....

I was thinking the same thing. It's ridiculous and makes you raise your eyebrows.