3 ms·

That sort of thing is a bit risky. One company I followed was bought out by a US vehicle owned by a Chinese investor, and then everything ground to a halt becau

by ajb 2y ago

That sort of thing is a bit risky. One company I followed was bought out by a US vehicle owned by a Chinese investor, and then everything ground to a halt because (it appears[1]) the local agent fraudulently changed the bank accounts into their own name and locked out the owner. Operating stuff in a foreign legal jurisdiction is hard. [1] this seems to have been the judgement of the court, but not all the fillings are free to access.

JumpCrisscross 2y ago
> the local agent fraudulently changed the bank accounts into their own name and locked out the owner This sounds like a front more than a nominee. A front legally owns the company and has a side deal with someone conferring control. It's pretty much straight-up fraud. A nominee is similar to a Delaware registered agent; you pay a law firm or whatever a few hundred euro a year to be your glorified P.O. Box
- ajb 2y ago
  I'm not really sure what the technical details were. This is the complaint, in case anyone is curious: https://trellis.law/doc/159246087/complaint-case-initiation-complaint-filed-by-nautical-hero-group-llc-axiom-united-holdings-llc-vitality-international-management-llc-li-wenhui-refers-to-gao-ping https://trellis.law/doc/159246087/complaint-case-initiation-... Although obviously that's only from one side. If may be that it's less risky if there's a common service such as you describe, since the operator will prefer to keep their business going. But if significant assets are involved it may still be somewhat risky. (This was the company that supposedly ended up with the IP of the Kestrel aircraft, formerly owned by Alan Klapmeier and originated by Richard Noble as the Farnborough F1)
  - JumpCrisscross 2y ago
    > if significant assets are involved it may still be somewhat risky No more than any asset in the EU. A nominee can steal your property about as easily as any notary.
    - ajb 2y ago
      Thee context here (and upthread) is about needing a nominee because you aren't in the country. IE if you were in country you'd control the asset directly.
      - JumpCrisscross 2y ago
        > needing a nominee because you aren't in the country. IE if you were in country you'd control the asset directly Yes. A nominee is just a local contact of record. If a nominee can steal your shit, any rando with a notary can, too.
        ajb 2y ago
        Are you positing a corrupt notary?

by ajb 2y ago

JumpCrisscross 2y ago

> the local agent fraudulently changed the bank accounts into their own name and locked out the owner This sounds like a front more than a nominee. A front legally owns the company and has a side deal with someone conferring control. It's pretty much straight-up fraud. A nominee is similar to a Delaware registered agent; you pay a law firm or whatever a few hundred euro a year to be your glorified P.O. Box

ajb 2y ago
I'm not really sure what the technical details were. This is the complaint, in case anyone is curious: https://trellis.law/doc/159246087/complaint-case-initiation-complaint-filed-by-nautical-hero-group-llc-axiom-united-holdings-llc-vitality-international-management-llc-li-wenhui-refers-to-gao-ping https://trellis.law/doc/159246087/complaint-case-initiation-... Although obviously that's only from one side. If may be that it's less risky if there's a common service such as you describe, since the operator will prefer to keep their business going. But if significant assets are involved it may still be somewhat risky. (This was the company that supposedly ended up with the IP of the Kestrel aircraft, formerly owned by Alan Klapmeier and originated by Richard Noble as the Farnborough F1)
- JumpCrisscross 2y ago
  > if significant assets are involved it may still be somewhat risky No more than any asset in the EU. A nominee can steal your property about as easily as any notary.
  - ajb 2y ago
    Thee context here (and upthread) is about needing a nominee because you aren't in the country. IE if you were in country you'd control the asset directly.
    - JumpCrisscross 2y ago
      > needing a nominee because you aren't in the country. IE if you were in country you'd control the asset directly Yes. A nominee is just a local contact of record. If a nominee can steal your shit, any rando with a notary can, too.
      - ajb 2y ago
        Are you positing a corrupt notary?