How To Claim Your Money From Choice Bank / FirstChoice Pay

FirstChoicePay

Getting Money Owed by Choice Bank / FirstChoice Pay

Earlier this year, Choice Bank went under, causing FirstChoice Pay to go out of business as well. This caused a tremendous impact to the adult industry, so much that it caused businesses like YouKandy to completely go out of business as well. When the debacle started, all funds got frozen. There are performers, affiliates and businesses that have thousands of dollars wrapped up in Choice Bank / FirstChoice Pay.

 

Choice Bank Liquidation Site Launches

A website has popped up with information on the Choice Bank Liquidation and instructions on how to claim money owed by Choice Bank. This is the website being linked to directly from the Choice Bank website, meaning that it’s legit and so is it’s information. Here are the instructions provided by the website on how to claim funds from FirstChoice Pay.

 

Instructions / Information For Getting Money Back:

The Liquidator will publish, on or before 28 August 2018, a claim   form, NOTICE FOR FILING CLAIM,  for all Depositors, Creditors and Lessees of Choice Bank Limited, along with the appropriate instructions for submitting your claim, as well as the different ways in which you may submit your claim;

You may wish to gather details of your claim (along with any documentation which will support your claim) in preparation for submission to the Liquidator.

Section 107(4) of the Domestic Banks and Financial Institutions Act requires the Liquidator to issue a Notice, by 29 August 2018, to all depositors, creditors and lessees of the Choice Bank Limited to file a claim with the Liquidator. The Notice will inform creditors of the procedure and deadline for filing a Claim.

The Liquidator intends to issue this Notice before 29 August 2018.

By law, the Liquidator must allow creditors a minimum of sixty (60) days from the date of the Notice to file a claim.

The Domestic Banks and Financial Institutions Act provides a timeline for the Liquidator to take certain actions with respect to the determination of claims and the distribution of funds. The Liquidator must adhere to the following timelines:

. Publish or deliver a Notice for Filing a Claim within 60 days of appointment of Liquidator (by 29 August 2018)

. Allow 60 days after the Notice for depositors and creditors to file a claim (by 29 October 2018)

. Within 90 days of the deadline for the filing a claim (by 29 January 2019) –

(a) determine claims;

(b) prepare a Schedule of proposed actions; and

(c) notify each person whose claim is allowed in full

. File a Schedule of Proposed Actions to be taken for the winding-up of Choice Bank Limited with the Central Bank of Belize and commence partial distribution (by 28 February 2019)

. Deadline to make objection to Schedule of proposed actions to the Central Bank of Belize (by 20 March 2019)

Please note that the Liquidator will endeavor to complete the steps in the liquidation process before the maximum deadline provided for by law with a view to distributing funds to depositors and creditors as soon as possible.

 

Official Statement On Choice Bank Homepage

There’s a message / press release that, as of July 4th, 2018, has been posted to the Choice Bank homepage. The announcement gives notice of the Choice Bank Liquidation and names Mr. Cedric Flowers as the liquidator appointed by the Central Bank of Belize. You can see the announcement contents below:

Ref: SUPD/6635/2/35/1/18 Vol. XVI (I 08)

4 July 2018

To Whom It May Concern

Re: Appointment of New Liquidator

Reference is made to letter dated 29 June 20 I 8 Ref: SUPD/6635/2/35/1/18 Vol. XVI ( I 03) with respect to the appointment of a liquidator for Choice Bank Limited further to the revocation of Choice Bank Limited’s international banking licence.

Please be advised that with effect from 4 July 2018, the Central Bank of Belize has appointed Mr. Cedric Flowers to replace Mr. Henry J. Hazel as the liquidator for Choice Bank Limited in accordance with section 26 of the International Banking Act, Chapter 267, Revised Edition 2011 of the Substantive Laws of Belize and section I 06(5) of the Domestic Bank and Financial Institutions Act, 2012.

Mr. Cedric Flowers has full power and authority to perform the functions of liquidator for Choice Bank Limited with the legal rights and duties as such under the laws of Belize.
Respectfully,

Cedric Flowers

Liquidator – Choice Bank Limited

 

FirstChoice Pay Website To Remain Online Until October

A popup has appeared on the FirstChoice Pay website, stating that their website will remain online until October 1st, and it will shut down after then. It’s advised to make sure to copy your account information right away, as it’s going to be needed for the Choice Bank claim! You can see the content on the FirstChoice Pay

Firstchoice Pay has ceased its business activities and will no longer be able to receive or process any further payments. Therefore, your card is no longer active and cannot be used.

Our website will remain live until October 1, 2018, and customers will still be able to log in and view their account.

For your convenience, we urge you to download any financial statements you might need for your personal records before October 1, 2018.

For more information, please visit our updated FAQs.

 

Webcam Startup Is Going Through The Claim Process

People on the Webcam Startup team are owed money from FirstChoice Pay, YouKandy and Choice Bank. Because of this, we’ll be going through the claims process outlined on the website listed above and we’ll be reporting on how it went and if there’s any resolve from it. This page will be updated when we’ve got our own personal experiences to report on.

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