How long should it that any bank to trace a bank draft.

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Towger and Crunchie I did see that but Thank you for your comment.

One of the only things legible on the back of the Drafts is : Re AIB Bank Dublin
 
Bank drafts are notoriously unsatisfactory as a means of transferring money, but are greatly favoured by the legal profession, who like the idea of a physical paper trail. As you can see, a satisfactory end-to-end paper trail is difficult to establish in such situations.

The sooner that we all move to electronic systems for completion of conveyancing, the better.

I am at an advanced stage of a definitive book on payment systems and technologies - which I hope to publish in the new year - will highlight issues such as yours, Rightly
 
Gulliver they are not the only thing that is unsatisfactory in the legal and Banking profession.
Isn’t it about time we brought ourselves into the 21st century . I wish you luck.
Cheers
Rightly Dun
 
Gulliver I was told by the Auditors of this company ( after several letters ) that this money was lodge into a Sterling account in the name of the company and that this account was not disclosed to them at the time of their audit. On further inquiries made by them they say that this account was treated as the account of another company and that all the transactions in this account were in the Draft accounts of that company. Because they were in the Draft accounts of this other Company they accept this as true. They then go on to say that this company was Dissolved by the CRO for not fling theses Draft accounts as they were not Signed . Do you smell that Rat I know I do.
 
Rightly dun said:
Gulliver I was told by the Auditors of this company ( after several letters ) that this money was lodge into a Sterling account in the name of the company
Click to expand...

If you have caused a draft to be issued with the payee name "Rat & Rat Ltd", and the draft has been lodged to an account of "Rat & Rat Ltd" then it is unlikely that you have any claim against the bank in which it was lodged. Subsequent events including disillusion of the company will not change this.

Ref your earlier statement. "So Iam looking for the bank that cashed the drafts to go after them"
 
Gulliver it’s long and complicated, I agree if they were lodged to the account that they were made payable then there is no problem. But if they weren’t then that’s a different story. Now let me make a few points.
1. I cannot accept as true anything in a draft account that has not been signed.

2 The auditor of company A is a fellow Director with one of the Directors of company A, and they both do not list this Directorship in any of their returns.

3 The auditor of company B was also a fellow Director in two companies ( resigned from one)with one of the Directors of company A (not the same company as the Auditor of company A) so much for an independent Audit.

4. My first question is about how long it should take to trace a bank draft. I have only been asking this for two and a half years. That not that long is it. Sorry for being smart.

5 The reason I want to know this is twofold .
(a) If there is a problem with where the drafts were lodged well then I can go after the bank that accepted them.
(b) If there is no problem then I can give that bank several documents which once they are aware of they would have a duty to make a STR. The reason for this is I want someone to back up my own as I trust no one at this stage. I would not try to force them to do this, I would only pass on the documents.

Do you see where I am coming from. I need to know where this account is held that’s all.
This thread is getting very close to being pulled if I am to post to much more than that.
 
My solicitor is talking to the Bank now, hope to hear from him as soon as he is finished. They still have not told him where the Drafts were lodged. He said he was on to them this morrning and they said that they were lodged in an international bank. But did not tell him the name of the Bank. I told him that was not good enough that I wanted to know the name of the Bank and the account number. Hope to hear from him soon.
 
Same old story, there was nothing wrong. But they still wont tell him the name of the Bank or the account number that Drafts to. He is going back again tomorrow.
 

Absolutely you've answered my queries ...

a) they were drafts ...

b) 2004 means that there should be no problem tracing where they were lodged (given that it's only 4 years ago) ...

c) your solicitors bank should be quickly able to establish through what bank in the UK the drafts were negotiated ...

d) what your solicitors bank won't know (unless/until they are told by the 'foreign' bank) is into what account(s) these drafts were lodged ...

What I can't fathom is why it has taken 2.5 years to find this information out ...

Hope you get to the bottom of it soon.

Regards,


BM
 
Bank Manager if I was to post all the things that I cant believe you would say you don’t believe me because it is to far fetched.
You might be able to help me with this one if as your name suggests you are a Bank Manager. Why is it possible for a company which is Regulated by IFSRA and holds a ten year Licence as a MAI to open a bank account and within one year transfer the control of this account to a company which is not Regulated by IFSRA.
The reason I say within one year is that the auditor of this company did not know of its existence.
If I am correct An investment intermediary, including an unincorporated entity, is required to submit to the Financial Regulator, not later than six months after the end of the relevant reporting period, annual audited accounts in respect of the investment intermediary.
Now because the Auditor may be able to say that he did not know of this account at the time of his audit and may not have a duty to report this to the regulator. He has known now for well over a year and if this company has meet the requirements of the regulator then they would have to have submitted the annual audited accounts for the following year at this stage, remember we are talking about the audit of year ending 31st December 2005.
If any one would like to comment on this fire away.
 
Update ​
Its only been over 3 years since I have asked where these Drafts were lodged and guess what they told me( they told me nothing) they told me that they were lodged in Barclays bank 54 Lombard street London.
So now my solicitor has to request as to what account they were lodged to. Forgive me for being so thick is this not what we have been requesting for the last 3 years.
New information I only found out last week was that the account where they were lodged was opened in 1999. So I went back to the CRO web site and downloaded the documents for that time. To my disbelief the Directors of this company ( the founding Directors ) at that time were.

1. Only one of the Directors of this company at the present.
2. The other two Directors at that time are the partners of the auditing company that now audit the company.
3. These two Directors have on several occasions in writing denied the existence of this account and said because they knew nothing of it they would not have picked it up in their audit.
4. It takes two Directors to open a bank account , so how was this account opened when two of the three directors deny any knowledge of it.


Nobody will answer any of my questions about this, IFSRA, CRO,ODCE, and the department of Justice.
Its not that they wont say that it is right or wrong they wont say anything. They will not answer any of my emails.
Maybe they might answer one of my little girls questions to my wife.
Are the men in white coats going to come and take Daddy away.
 
54 Lombard street is the old head quarters of Barclays and was their registered office until a few years ago. It doesn't necessarily means it was a branch and that the drafts in question were lodged there.

I'm presuming that the drafts were crossed with something like "a/c payee only" on the front
 
According to the legal department of National Irish Bank the drafts were lodged in Barclays Lombard Street.
Mpsox you presumed right of course they were crossed with a/c payee only. This is my whole problem with all the agencies I have had to deal with over the last three years, I did everything up and above board and have shown that this company did not and backed everything that I have said with hard copy documents and they are still driving around Dublin in their Mercedes and still opening new Companies the latest one just two weeks ago.
 
if you believe you have been defrauded, have you considered making a formal complaint to the Gardai?
 
Given that this appears to be a criminal matter and sub judice, I have unapproved Rightly dun's last post (which contained various serious allegations) and am closing this thread.
 
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