Investors should be aware that a 3rd "Mortgage charge" was filed at Companies house by Zeroshift Limited in June 2012, only weeks before filing for Administration.
Like me, many Investors may be concerned over the validity of this mortgage for £500k NZD of Zeroshift' assets.
A 2nd mortgage covering the entire Zeroshift assets was filed in 2009. Therefore it would only make sense that this 3rd mortgage was put in place if ZSL received such later funding in 2012.
Yet evidence does not support this.
Given Zeroshift Limited's attempts to 'hide' crucial information from Investors I am concerned that this 'recent' 3rd Mortgage is not a genuine transaction in that it secures £500k but there was never any such sum.
In all respects it may be challenged by Creditors on one of several areas:-
1) It is not a genuine transaction,
2) Alternatively, is this 3rd mortgage designed to put assets out of the reach of creditors,
3) Or it is being used to give the 3rd Mortgage Holder a substantial preference over other creditors.
The big question I ask myself is:- Why would someone invest so much money into Zeroshift just prior to Administration? Especially if that person had been informed of the ongoing legal case????