Profile: Netspook
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• • Razorwax filed for Bankruptcy in 06....

  • Originally posted by Silvarch
    

    Interesting to see how it differs. I stated I was only familiar with US laws, so I'm honestly surprised Norwegian law is so lenient on bankruptcy filings, sounds almost like consumer bankruptcy. AS is a form of limited liability partnership, that much I had gathered. Having read this, I don't see how it can be very positive, especially these stipulations:
    

    "The debtor and/or its directors may be quarantined and barred for a period of up to two years from starting new business/accepting new directorships if thought unfit or if they are under criminal investigation. The court may also disqualify the debtor/a director from other existing directorships.

    A director or a shareholder may become liable to pay damages in tort to creditors on the basis of negligence or wilful misconduct in their roles as directors and shareholders respectively."

    which I believe are relevant to the case. You already sort of mentioned them though, and the proceedings were probably more in line with what you expect.  Unless they committed fraud, though, it's safe to assume they simply ran out of money. I just don't see how going bankrupt is a good thing.

    
    About the 2 years quarantine:

    The common workaround for this, is to establish the new company in someone else's name, ie a wife, close friend etc, and when the 2 years are up, simply buy all the stocks for whatever amount they agree upon. During those 2 years, the official owner is usually just a silent partner. There has been lots of talk about restricting this, but I haven't heard anything suggesting this has happened yet. The quarantine is a "may" on paper, but will in reality be there in most cases.

    The "good" thing about bankruptcy is to get rid of debts, but of course, this only applies if you're able to start over again. Which isn't always the case.

  • Posted: 7/11/08 9:51 AM
    Darkfall
• • Razorwax filed for Bankruptcy in 06....

  • Originally posted by Keeper2000
    

    Just one thing Bankruptcy laws varies a lot from one country to another.  No idea how they are in Norway.

    Here in Norway, bankruptcy CAN be a "positive" thing for a company, espcially when they owe lots of money, and at the same time only have virtual assets. Basicly, you lose the money tied up in the stocks/shares, but gets rid of your debts. A common procedure is to found a new company and buy these assets for almost nothing. It's illegal to sell cheap to yourself like this as a pre-bankruptcy strategy, but if the old company assets are virtual, or very hard to sell, the creditor who filed for bankruptcy will often settle for very little money instead of nothing.

    Silvarch, you may know US laws, but certainly NOT Norwegain. Bankruptcy may not be a "timeout" from creditors, but a very, very efficient escape. And it's not a fraud, it's perfectly legal.

    The most common form of company in Norway, is an AS (Aksjeselskap). This means a stockholding company, equal to British "Ltd" I believe. Whenever an AS goes bankrupt, the owner's private assets can ONLY be confiscated if there's some major frauds involved. This happens very rarely, almost never.

    Employees will not lose any money here in Norway, if a company goes bankrupt. The government will pay the salaries, though it might take a few months. This is "Lønnsgarantifondet", in case any Norwegians doesn't know about it. They will even pay for what you should have been paid your next upcoming vacaction ("Feriepenger"), and they will also pay normal salary for "Oppsigelsestid" - this means they assume you were fired at bankruptcy date, but had your job a certain period of time after that, usually 1, 2 or 3 months, depending on how long you worked for that company.

  • Posted: 7/11/08 1:30 AM
    Darkfall
• • Warhammer Online : Age of Reckoning: Mark Jacobs Part One - What's in a Name?

  • Originally posted by SagaBoy
    

    Though I can't give a significant reason why, this announcement seems important to me.  Just the removal of EA as a precursor to Mythic feels like a burden has been lifted.  I honestly can't even explain myself.  I just remember reading it and feeling this imaginary elephant being lifted off my shoulders.  How weird is that.

    
     Did you even read the interview?

    "Jacobs also points out that they are still the same company and are still a part of EA"

    EA isn't going anywhere, this is just a namechange.

    I doubt the upcoming will be very important. If it was, they wouldn't announce it exclusively on this site.

  • Posted: 7/10/08 11:07 PM
    General Discussion
• • Vanguard... is suprisingly fun.

  • Originally posted by Shoal
    

    You said it yourself  "...low server populations..."

    That is why V:SoH is not going to be much fun for long.

    At least not as an MMO.

    
    Yup. SOE just gave me one month free play, and I decided to see what was changed since I canceled last year. Honestly I didn't see any improvements, but that's not the only thing I didn't see. Played for ~5 hours, and didn't see one single other player.

    Even more boring than last time, so I uninstalled and doubt I'll try again.

  • Posted: 7/09/08 11:02 PM
    Vanguard: Saga of Heroes
• • how come i cant get into beta?

  • OP, according to warhammeronline's beta ticker, 762,013 ppl has applied for beta so far. Of course everyone can't get an invite.

    I applied in June 07, and got my invite for the EU beta 2 months later.

  • Posted: 7/09/08 10:32 PM
    WAR (Warhammer Online)