Ongoing GemHoldings (DOC-CO-0129)

Dept. Commerce

Dept. Commerce

Citizen
Commerce Department
Joined
Dec 19, 2020
Messages
2,003
Registered name: GemHoldings
Register number: DOC-CO-0129
Entity form: corporation
Status: winding up
In-game company: GemHoldings
Nature of business: The purpose of GemHoldings is to operate as a private equity and investment firm within the Commonwealth of Redmont, deploying capital into businesses, real estate, and public-facing infrastructure to create durable value in the DemocracyCraft economy.
Formation instrument: Formed on the Standard Form (RCEA s17(5))
Directors, managers and general partners: kenny019 (CEO & Chairperson of the Board of Directors)
Ongoing court cases and enforcement (RCEA s17(2)(f)): Enforcement order #6 (receivership); Enforcement order #5 (freeze)
Share classes: Common Shares (1,000,000 authorised, par R$0.10)
Share register: kenny019: 1,000,000 Common Shares

This thread mirrors the official Company Docket. The authoritative record is the DOC portal: DOC-CO-0129 · Company Register · DOC Redmont
Docket entries are posted below as they are filed (RCEA s15(3): the docket is append-only and permanent).

Continued under RCEA s85 from the pre-portal record: https://www.democracycraft.net/threads/38693/
 
Last edited:
Continued under RCEA s85: GemHoldings (DOC-CO-0129)
certificate record · filed by edwardcul1en

This entity existed under the repealed Legal Entity Act and continues under the RCEA as a corporation (s85(1)). Its original filings remain valid (s85(4)); the pre-portal record is the Company Docket thread: https://www.democracycraft.net/threads/38693/

PROFILE INCOMPLETE: the entity must complete its registers via the DOC portal (s85(5), s17).
 
Enforcement order issued: freeze (order #5)
enforcement · filed by Vennefly

1. The Department of Commerce has determined, on reasonable belief, that GemHoldings has been carrying on regulated financial activity in a manner that places customer funds at risk of dissipation or loss.

2. Specifically, the Department concludes that the Operator of GemHoldings has abandoned its business.

3. Furthermore, the Department concludes that GemHoldings may be insolvent and unable to pay out outstanding balances or process customer withdrawal requests.

4. Accordingly, the Department of Commerce hereby issues a FREEZE ORDER. No deposits, withdrawals, transfers, disposals, or advertising of the operation may occur. Disposal of frozen funds is an indictable offence.

5. Customers are directed not to transact further with RVR. Affected customers should open a Department of Commerce ticket stating their account name and the amount owed.

6. The Department of Commerce will further petition the Federal Court to appoint a Receiver over GemHoldings.

7. Any recovered, frozen, or seized assets will be applied first to the restitution of customers in accordance with Section 50(3) RCFA.
Escalation basis (RCFA s44(1)): GemHoldings failed to respond to a Demand to Produce Records (Section 43 RCFA) within the allotted time.

Financial institution: GemHoldings (DOC-FI-0025).
 
Licence status changed: registered to conditioned (licence action #2)
licence · filed by Vennefly

Ground: Conditions attached on notice (RCFA s16(4))
Conduct concerned: Freeze order in place: https://www.democracycraft.net/threads/gemholdings-doc-co-0129.44526/post-178234
Basis: Freeze order in place: https://www.democracycraft.net/threads/gemholdings-doc-co-0129.44526/post-178234
Conditions of registration: Assets frozen.

The institution may appeal within 7 days of service to the Commerce Secretary or a designated officer not involved in the decision (RCFA s54(2)). The action stays in force during an appeal unless stayed (RCFA s54(4)).

Electronically signed by Vennefly as delegate of the Commerce Secretary

Financial institution: GemHoldings (DOC-FI-0025).
 
Enforcement order issued: receivership (order #6)
enforcement · filed by edwardcul1en

The Federal Court of the Commonwealth of Redmont has appointed Vennefly as Receiver for GemHoldings following a Petition by the Department of Commerce. In re: GemHoldings, Operator (Receivership).

The Federal Court, having considered the application of the Commonwealth of Redmont, acting through the Department of Commerce, under Sections 48(3) and 50(1) of the Redmont Commerce and Finance Act (the "Act"), and being satisfied that customer funds held by GemHoldings are at risk of dissipation, concealment or loss and require protection, HEREBY ORDERS as follows:



APPOINTMENT OF RECEIVER
Vennefly is hereby appointed Receiver over the institution known as "GemHoldings" and over the relevant assets of the Respondents GemHoldings and Kenny019, with immediate effect. The Receiver is independent of the Respondents and has consented to act. The Receiver shall be notified of this Order and shall comply with further proceedings, requirements and determinations of this Court in line with this Order.
POWERS OF THE RECEIVER

The Receiver is authorised pursuant to Section 50(2) of the Act to:
Take immediate control of all customer funds and operational assets connected to the institution, including all checking and savings account balances;
Request balance information from, and request withdrawals of, any reserves held by or on behalf of the institution with the Federal Reserve Bank;
Suspend the institution's activities in whole or in part;
Establish and publish a depositor claims process, and determine the number of depositors and the sums owed to each;
Honour or restore all valid withdrawals and redemptions to the extent required by law, including by recourse to deposit insurance where available;
Conduct an orderly wind-down of the institution; and
Take all steps reasonably necessary to identify, preserve, and recover assets for the benefit of customers and creditors.

CONFIRMATION OF FREEZE ORDER
Pursuant to Section 48(3) of the Act, the Freeze Order served by the Department of Commerce on 5 October 2026 is confirmed and extended. The Freeze Order shall apply to all accounts and assets of GemHoldings, and to such assets of Kenny019 as are connected to the institution or its customer funds, in such amount as is reasonably necessary to protect depositor funds and satisfy potential restitution. The Freeze Order shall remain in effect until further order of this Court, and shall not restrict any dealing undertaken by the Receiver in the exercise of the powers granted under this Order.

ORDER OF APPLICATION OF RECOVERED ASSETS
The Court notes that client funds are the property of the customer, do not form part of the institution's estate, and are not available to its creditors under Section 36(4)(e) of the Act. Pursuant to Section 50(3) of the Act, assets recovered by the Receiver shall be applied in the following order of priority:
Restitution to depositors and customers of the institution;
Satisfaction of creditors' claims;
Payment of applicable penalties, including accrued penalties for late filing; and
Costs and expenses of the receivership.

The Receiver shall apprise the Court and the Department of Commerce of the recovery plan, including the number of depositors identified and the total sums owed, for review.

PRODUCTION AND PRESERVATION OF RECORDS
Pursuant to Section 43(2) and Section 43(3) of the Act, the Respondents are ordered to:
Produce to the Receiver and the Department of Commerce all records, transaction logs, communications, and account data relating to the institution;
Account for the location and disposition of all customer funds held by the institution; and
Preserve all such records, logs, communications, and data, and refrain from destroying, altering, or concealing them.

TRACING AND RECOVERY
Pursuant to Section 49 of the Act, the Applicant is granted leave to trace and recover customer funds from third parties who received them otherwise than in good faith and for fair value.

RESPONDENTS' OBLIGATIONS
The Federal Court orders the Respondents and all officers, employees, agents, or any individual capable of exercising any control over the institution to comply with the following:
Cooperate fully with the Receiver;
Disclose all assets, accounts, and records within their knowledge or control connected to the institution; and
Refrain from any dealing with, disposal of, or dissipation of assets subject to this Order.
PERSONAL LIABILITY
Nothing in this Order relieves Kenny019 of any personal liability under Section 53(1) of the Act for the repayment of customer deposits or for any penalty, disgorgement, or restitution that may be ordered. Pursuant to Section 53(3), such liability is not avoided by inactivity, departure, resignation, substitution, or any purported transfer of ownership or control.

RESERVATION OF RIGHTS
The Court reserves the right to amend, vary, or extend this Order, to make such further or other orders as are necessary to preserve depositor funds, and to require the parties to produce such evidence as the Court considers necessary.
Escalation basis (RCFA s44(1)): Customer funds are at risk of dissipation, concealment or loss within the meaning of Section 44(2) and require protection within the meaning of Section 50(1)

Financial institution: GemHoldings (DOC-FI-0025).
 
Enforcement order active: freeze (order #5)
enforcement · filed by edwardcul1en

Accepted by court

Financial institution: GemHoldings (DOC-FI-0025).
 
Enforcement order active: freeze (order #5)
enforcement · filed by edwardcul1en

Upheld by court

Financial institution: GemHoldings (DOC-FI-0025).
 
Winding-up order: GemHoldings (In re: GemHoldings, Operator (Receivership))
court order · filed by edwardcul1en

Court Order

IN THE FEDERAL COURT OF THE COMMONWEALTH OF REDMONT
Emergency Order - In re: GemHoldings, Operator (Receivership)


ORDER FOR APPOINTMENT OF RECEIVER AND CONFIRMATION OF FREEZE ORDER
(Interim and Final Relief)


The Federal Court, having considered the application of the Commonwealth of Redmont, acting through the Department of Commerce, under Sections 48(3) and 50(1) of the Redmont Commerce and Finance Act (the "Act"), and being satisfied that customer funds held by GemHoldings are at risk of dissipation, concealment or loss and require protection, HEREBY ORDERS as follows:



APPOINTMENT OF RECEIVER
Vennefly is hereby appointed Receiver over the institution known as "GemHoldings" and over the relevant assets of the Respondents GemHoldings and Kenny019, with immediate effect. The Receiver is independent of the Respondents and has consented to act. The Receiver shall be notified of this Order and shall comply with further proceedings, requirements and determinations of this Court in line with this Order.
POWERS OF THE RECEIVER

The Receiver is authorised pursuant to Section 50(2) of the Act to:
Take immediate control of all customer funds and operational assets connected to the institution, including all checking and savings account balances;
Request balance information from, and request withdrawals of, any reserves held by or on behalf of the institution with the Federal Reserve Bank;
Suspend the institution's activities in whole or in part;
Establish and publish a depositor claims process, and determine the number of depositors and the sums owed to each;
Honour or restore all valid withdrawals and redemptions to the extent required by law, including by recourse to deposit insurance where available;
Conduct an orderly wind-down of the institution; and
Take all steps reasonably necessary to identify, preserve, and recover assets for the benefit of customers and creditors.

CONFIRMATION OF FREEZE ORDER
Pursuant to Section 48(3) of the Act, the Freeze Order served by the Department of Commerce on 5 October 2026 is confirmed and extended. The Freeze Order shall apply to all accounts and assets of GemHoldings, and to such assets of Kenny019 as are connected to the institution or its customer funds, in such amount as is reasonably necessary to protect depositor funds and satisfy potential restitution. The Freeze Order shall remain in effect until further order of this Court, and shall not restrict any dealing undertaken by the Receiver in the exercise of the powers granted under this Order.

ORDER OF APPLICATION OF RECOVERED ASSETS
The Court notes that client funds are the property of the customer, do not form part of the institution's estate, and are not available to its creditors under Section 36(4)(e) of the Act. Pursuant to Section 50(3) of the Act, assets recovered by the Receiver shall be applied in the following order of priority:
Restitution to depositors and customers of the institution;
Satisfaction of creditors' claims;
Payment of applicable penalties, including accrued penalties for late filing; and
Costs and expenses of the receivership.

The Receiver shall apprise the Court and the Department of Commerce of the recovery plan, including the number of depositors identified and the total sums owed, for review.

PRODUCTION AND PRESERVATION OF RECORDS
Pursuant to Section 43(2) and Section 43(3) of the Act, the Respondents are ordered to:
Produce to the Receiver and the Department of Commerce all records, transaction logs, communications, and account data relating to the institution;
Account for the location and disposition of all customer funds held by the institution; and
Preserve all such records, logs, communications, and data, and refrain from destroying, altering, or concealing them.

TRACING AND RECOVERY
Pursuant to Section 49 of the Act, the Applicant is granted leave to trace and recover customer funds from third parties who received them otherwise than in good faith and for fair value.

RESPONDENTS' OBLIGATIONS
The Federal Court orders the Respondents and all officers, employees, agents, or any individual capable of exercising any control over the institution to comply with the following:
Cooperate fully with the Receiver;
Disclose all assets, accounts, and records within their knowledge or control connected to the institution; and
Refrain from any dealing with, disposal of, or dissipation of assets subject to this Order.
PERSONAL LIABILITY
Nothing in this Order relieves Kenny019 of any personal liability under Section 53(1) of the Act for the repayment of customer deposits or for any penalty, disgorgement, or restitution that may be ordered. Pursuant to Section 53(3), such liability is not avoided by inactivity, departure, resignation, substitution, or any purported transfer of ownership or control.

RESERVATION OF RIGHTS
The Court reserves the right to amend, vary, or extend this Order, to make such further or other orders as are necessary to preserve depositor funds, and to require the parties to produce such evidence as the Court considers necessary.

So ordered,
Justice Mug

Claims window: any counterparty, interest holder, creditor or other interested person must contact the entity, its directors or the DOC before Tue, 20 Oct 2026 20:05:45 GMT (RCEA s69(3)).
 
Enforcement order active: freeze (order #5)
enforcement · filed by Vennefly

Extended by court.

Financial institution: GemHoldings (DOC-FI-0025).
 
You must log in or register to reply here.
Back
Top