Question How does a paymaster work ? Here's my problem ...

[OffshoreResearch]

Let's simplify and explain the concept in few words because tere's a long and complex story behind it.

I need to cash around Eur 380k made in March with the sale of a big website.
I've a clear sale agreement and funds are actually holded on my behalf by the company who brokered the deal (don't ask me how they can do that).
Problem is such agreement has been issued in the name of my brother company closed in May due to other reasons.
Now the broker is ready to release funds anywhere I like (to any bank/company of my choice) but I can't legally cash them because my original agreement has been issued in the name of my brother company so no bank will ever accept it).

Without entering too much in details, the agreement clearly mention my brother company as beneficiary and his name as director.
It was a Seychelles company that we might always restore but we should then open an account in a real bank (considering the high amount to cash), too complex.

How does a paymaster work ? We may approach an authorized Swiss paymaster to whom explaining the situation and showing this agreement to get funds cashed by him on our behalf.
Is this realistic ? Does anyone know a reliable Swiss paymaster (with a verifiable reputation) that we may visit to discuss more in details the whole thing ?

The new challenge will be to open a personal account in a real bank (in person in any European bank outside our country) where the paymaster will pay us by issueing a clear agreement to proof the origin of funds where mentioning my name as beneficiary.

I need to understand if the issue may be realistically solved in this way and if a paymaster is authorized to do that.

 

[CaptK]

The broker got a lot more money than what was agreed. They probably had a back to back agreement for 400 and another agreement with you for 380.

If the broker has the funds he can send it on anywhere else you want, just need supporting documents for his file.

4 options

1. You could register a new company in the same name and use that to receive funds.

2. Speak to a bank showing this was sold and I want o receive the money in an joint account with your brother. For a new venture.

3. Use a paymaster who can they pay it on anywhere you want. All they require is proof and a letter from your brother asking it to be paid to you.

4. You could produce a document stating that your brother owes you that money for sweat equity, loans and miscellaneous.
Ore alternatively he is investing in your company and do some form of JV or share/partnership agreement.

 

[OffshoreResearch]

Thanks for the advice.
You've just opened my mind on a new possibility but I'll need to verify it with a bank first.
I can firstly talk to a bank to explain them my brother own me such money that I'll cash on his behalf by providing not just proof of origin of funds (sales agreement in his name) but also a further agreement issued by a lawyer with a detailed recap of the reason I'd like to cash these funds on his behalf.
I'll ask the broker to release funds just in case the bank should accept these docs ... And nowadays I'm not sure this will be an easy step but I'll try before hiring a paymaster
I see the whole thing a bit hard but I'm ready to spend few hours to try adjusting it a bit better.

 

[CaptK]

Speak to the bank, they can guide you on how to do it.

 

[OffshoreResearch]

But it's also possible the bank will ask me why my brother can't cash funds by himself and then pay me directly ... This may sound a bit suspicious to them maybe ...

 

[CaptK]

There will be conditions but they are willing to accept if you open the account with a minimum deposit or put some in long-term deposit.

 

[erni]

any link to this paymaster service please?

 

[CaptK]

any link to this paymaster service please?

Pm me to discuss

 

[erni]

Pm me to discuss

why would I PM you if I ask for a link???

 

[clemens]

You should probably tag @Admin here or click on the REPORT button so he can stop with the self-promotion that he is doing all over the forum!

 

[CaptK]

Pm me to discuss

You should probably tag @Admin here or click on the REPORT button so he can stop with the self-promotion that he is doing all over the forum!

My paymaster doesn't take on any new clients without introduction. By giving his details everyone will bombard him with enquiries and he will tell you he doesn't take on new clients.
Then I would have lots of people telling me he's fake bla bla bla........

This is a relationship I have built up over years and I need to verify its kosher before I pass it on.
Once I introduce him you will see he is very easily verifiable.

Your free to go online and look for others!!

 

[CaptK]

A good one you can use is Bentley-legal.com Mark Walton if he is still there.

Colin Ashford or Tuvi Keinan at Brownrudnick.com

Let us know how you get on