Last updated on 31-05-2020
There have been some concerns about Kuetzal, and for those on the platform might have received information from Kuetzal about this.
Financially free wrote a blog about it that is worth to be read. The owner of the blog is visiting Kuetzal today. Until its cleared up I recommend not to invest any new money in Kuetzal. Financially free is visiting Keutzal today, he has himself almost 30k invested so I am very curious on how his visit went.
Update 19-12-2019: the visit from Financially Free was not so well according to his blog, altough not much details are given. I decided to take the 10 percent loss and take my money out. I requested a buy back which they gave me and then did a withdrawal of 932 EUR. I will keep you posted when the money is returned. Its only 1000 EUR so I would not expect them to have any cashflow issues. I will update again once the money is in my account
Update 23-12-2019: I asked Kuetzal about how long the withdrawal would take and they told me it could be 2 weeks. I assume Im not alone to withdraw so they might have some cash flow issues.
If it takes 2 weeks I would get the money on my account by the 3rd of January. I will update then if it happens. For my portfolio update for now I will assume I get my investment back and will write off the loss from the 10 percent buyback.
Update 07-01-2020: Unfortunately I have not heard back from Kuetzal. It turns out its impossible to contact them as they stopped replying to mail, messenger, etc.
This is why I am currently getting organised with other investors to investigate legal proceedings. We have already contacted lawyers in Estonia. Although I do still hope Kuetzal will wire the money on their own, after 3 weeks I am not optimistic. I’ll keep you all posted! If any reader wants to join in, send me a message and I will connect you.
Update 08-01-2020: Kuetzal let me know their accounts are currently frozen and they work on getting control again and expect this to happen by beginning of February. Im happy to hear something altough I do proceed to seek legal council incase they don’t come through
Update 12-01-2020: Kuetzal send a mail out that they are winding down operations. They state they will still process withdrawals and buy-backs once their bank accounts have been unfrozen.
Update 17-01-2020: We can see that the website changed and its no longer possible to do any new investments. Kuetzal has told people that if they want to keep their investments until they are end of date they can. Honestly until the money is on my account I’m not convinced I will get it back. Of course I will do everything I can to get it back, but its possible I will register it either January or February as a default in my books.
Update on 31-05-2020:
While I can’t reveal anything about how the law case is going, I can however display this official announcement from the Tallinn courthouse that is actually great news for investors:
Official notification from Harju County Court Tallinn dd 29.05.2020 Harju County Court Tallinn Courthouse publishes a notice on the basis of subsection 30 (2) of the Bankruptcy Act (PankrS).
By court order No. 29-20.2020 in civil case no. 2-20-2366, the debtor, Kuetzal OÜ (registry code: 14519131, address: Harju county, Tallinn, Kesklinna district, Narva mnt 7b, 10117), in order to prevent the termination of the bankruptcy proceedings and to cover the costs of the bankruptcy proceedings, the amount to be paid as a deposit in the account provided for this purpose shall be 3000 euros and the payment term shall be 12.06.2020.
Persons interested in the bankruptcy proceedings of Kuetzal OÜ (in liquidation) (registry code 14519131) have the opportunity to pay a court deposit of the amount determined by the court to cover mass liabilities and the costs of the bankruptcy proceedings no later than 12.06.2019. a. The court does not terminate the proceedings if the amount determined by the court is paid as a deposit to cover the costs of the bankruptcy proceedings.