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This is not an offfical thing
something I've picked up today,
Rpoints have gone into administration
I think this will affect all white label sites in the group
A copy of a message posted on Rpoints forum
that was posted on CashBack Kings forum
[size=5]richard@Rpoints
Immortal
Joined: 01 Jul 1997
Posts: 14964
Location: Elsewhere
Posted: 11 Nov 2010 12:46 Post subject: Announcement re: Rpoints Limited
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Well, folks, here is an announcement I had hoped I would never had to make, but you need to be aware of the following:
Rpoints Limited (which operates this site) is in financial difficulty. Options to rescue the company as a going concern have been explored but today it has become clear to me that this is not going to be possible and I have now suspended the redemption facility. The company is the subject of a winding-up order, and it is unlikely that members will receive payment in full for any transactions generated up to midday today. I am unable to make any further payments from the company's accounts.
As to "Why?" I will post more on that in due course. In summary, the problems (in my opinion) stem from mis-management of the business prior to 7 July this year (the date at which I 'ousted' the previous director of the company). Though I believe I have succeeded in improving the underlying performance of the company since that date, the problems built up previously are too great.
What happens now?
I expect that the company will enter into liquidation in the near future and members who are awaiting cashback will be treated as creditors along with other company creditors. I'm afraid I can't say much more about that at this stage - creditors will receive official communication in due course - , but I would expect that the company's websites (including this one) will be sold to another company as part of that process; so the operation of the website (for transactions from today onwards) will not necesasrily change - see below.
something I've picked up today,
Rpoints have gone into administration
I think this will affect all white label sites in the group
A copy of a message posted on Rpoints forum
that was posted on CashBack Kings forum
[size=5]richard@Rpoints
Immortal
Joined: 01 Jul 1997
Posts: 14964
Location: Elsewhere
Posted: 11 Nov 2010 12:46 Post subject: Announcement re: Rpoints Limited
--------------------------------------------------------------------------------
Well, folks, here is an announcement I had hoped I would never had to make, but you need to be aware of the following:
Rpoints Limited (which operates this site) is in financial difficulty. Options to rescue the company as a going concern have been explored but today it has become clear to me that this is not going to be possible and I have now suspended the redemption facility. The company is the subject of a winding-up order, and it is unlikely that members will receive payment in full for any transactions generated up to midday today. I am unable to make any further payments from the company's accounts.
As to "Why?" I will post more on that in due course. In summary, the problems (in my opinion) stem from mis-management of the business prior to 7 July this year (the date at which I 'ousted' the previous director of the company). Though I believe I have succeeded in improving the underlying performance of the company since that date, the problems built up previously are too great.
What happens now?
I expect that the company will enter into liquidation in the near future and members who are awaiting cashback will be treated as creditors along with other company creditors. I'm afraid I can't say much more about that at this stage - creditors will receive official communication in due course - , but I would expect that the company's websites (including this one) will be sold to another company as part of that process; so the operation of the website (for transactions from today onwards) will not necesasrily change - see below.
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