JuicyFields Scam Latest: Complex Nature of Bankruptcy Casts Doubt Over Whether 15 000 Registered Investors Will Get Any Cash Back
In the latest twist to the biggest cannabis investment scam ever, JuicyFields has sent out a newsletter saying it’s working on refunding investors and working closely with the Dutch liquidators. However, this has been denied by the liquidators, who have cautioned that nobody who put money into the controversial crowd-funding platform, should have any expectations of any refund, let alone any time soon.
30 July 2023 at 10:00:00
JuicyFields was a cannabis crowd funding programme that was revealed as an investment scam in which thousands of investors were fleeced of millions of Euros. The company has been put into liquidation and some funds have been recovered. A newsletter allegedly sent out by JuicyFields last month saying it was working on a creditor repayment programme, should be treated with caution according to the liquidator.
In a notice to creditors on 14 July 2023, the curator of the Juicy Fields liquidation, M.N. de Groot said he was aware of the Juicy Fields newsletter, but warned that any investor refunds were highly unlikely in the near future. He said “a significant amount” of investor money had been channelled into JF’s Cyprus bank account which had been frozen on the orders of authorities of five European countries but that how much money was actually in the account was unknown.
“The Trustee is aware of the Juicy Fields newsletter of 9 June 2023 stating Juicy Fields is working closely with the Dutch liquidators. However, it is important to clarify that the Trustee is not in any form in contact or collaboration with the Juicy fields team or the DAO (or any other third party except for the German trustee and the engaged law firms). Filing a claim in the bankruptcy of Juicy Holdings follows the regular Dutch legal bankruptcy procedure and is not associated with any refund arrangement organized by Juicy Fields. Furthermore, it should be noted that the Trustee holds no responsibility for the content present on the website Juicyfields.io or the newsletters of Juicy Fields.
"Together with the German trustee Juicy Grow GmbH, the Trustee has engaged multiple law firms across various jurisdictions to seek legal advice concerning the freezing orders.
“Until now, approximately 15,000 investors have contacted us and filed a claim in the bankruptcy of Juicy Holdings. We cannot yet make any assessment whether creditors (including investors) will receive any (partial) payment at the termination of the bankruptcy of Juicy Holdings in due time. This depends on the amount that can be collected and the amount of debts. The Trustee anticipates that this process will be lengthy due to the complex nature of this bankruptcy” said de Groot.
De Groot said Juicy Holdings held shares in a Danish company and he had “initiated communication with the buyers' legal representatives and engaged in negotiations”.
He said that “After having received approval of the supervisory judge, the Trustee successfully sold the shares in the Danish company for a sum of EUR 120,000.”
All notices, links to the public reports, court documents and other relevant (general) information related to the bankruptcy of Juicy Holdings will exclusively be made available via the following dedicated website: Juicy Holdings B.V. (cms.law). Via this website interested parties can also, free of cost, subscribe to the CMS Electronic Alert Service. After subscription, such parties will receive an email alert whenever new documents or information has been published on the website.
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