I was absolutely gobsmacked when I saw that the domain Toys.com.au is on the expired auctions tomorrow – Christmas Day.
My first thought was why someone would let this domain expire? Then after I did a bit of digging, I discovered it was actually a Policy Delete (PD) by the auDA.
Why is it a Policy Delete? A bit more digging found that the registrant is a deregistered company – and therefore no longer eligible to hold the domain name. It is simply coincidental timing that this domain comes up for purchase on Christmas Day.
I’m Puzzled Though
The company B.M.W. Plastics Pty Ltd was in Liquidation – the Liquidators being Ferrier Hodgson.
Why would the Liquidators not have protected this valuable cyber asset? It would have been a great asset to sell off for the benefit of creditors.
Instead it is going to auction on 25 December, and the price will be a substantial 5 figures. All of which will be going to one of the three dropcatchers! What a great pressie for one of them. 🙂
Awesome present for some lucky domainer!
Liquidators didn’t bother with the asset likely because they never knew about it. Business assets for which no records are kept do not exist. Many registrars do not itemise the names that are renewed on invoices but simply allow you to ‘top up’ your account and apply the credit to the names you want. Thus no paper trail (for a name that was merely redirected since 2003) and original docs would’ve been impossible to find.
@Simon – given that FH ultimately “clipped the ticket” for north of $200k for their fees, you’d think they may have been more diligent in identifying possible assets. Just my opinion of course. Creditors only ended up getting 15c in the dollar.
I dealt with a Liquidator last year when I purchased a finance domain from them (that the previous Director of the company being liquidated was registrant of). The Liquidators had contacted the Registrar; advised them of their appointment; and had then secured all domains registered to that person / business.
There liquidators, not auditors @Ned
You’re right though your anecdote does describe what would be ‘best practice’
Wow great domain i still think how silly our system is i can buy any dot com with just some details an email address and credit card and yet if i want to buy a .com.au i need a business / abn name it should be similiar to the domain name i want to register and then can be taken back if i dont meet there strict guidelines for ownership i understand that in the early days this was to protect companies from people buying them all up and sitting on them but this time has passed and we should move forward and allow our system to allow easier regristrations for allÂ
Interesting to see that the price on Drop.com.au was only $36,000. Presuming that was Jeff and Co; the underbidder would have only been at $35,999.
There were six bidders in total – 5 of whom were serious (bids over $25k). Love the transparency of Drop!
Interesting to see that the price on Drop.com.au was only $36,000. Presuming that was Jeff and Co; the underbidder would have only been at $35,999.
Unbelievable. Someone clearly made a big mistake letting this one drop under those circumstances. Thats why we love the dropping world at the end of the day!!
Out of curiosity, would the creditors have any recourse against the liquidators in this instance?
Good question Steve. I don’t know the answer – bit I imagine that even if it was possible, it would be a costly and time consuming exercise to pursue.