What the YPB ASX announcement doesn’t tell you, though, is that the original company NVISO SA, headquartered in the Swiss canton of Vaud/Waadt as well as its branch in the canton of Jura were declared bankrupt only six weeks later, on September 7, 2023!
Mmmhhh…
This is what I discovered, when trying to find out more about the NVISO Group:
View attachment 53707
Insolvenzeröffnung means
opening of insolvency proceedings.
It then led me to the following documents published by the Swiss Official Gazette of Commerce:
www.zefix.ch
View attachment 53708
View attachment 53709
Translation by DeepL:
Category: Entries in the commercial register Subcategory: Mutation
Publication date: SHAB 14.09.2023 Publication number: HR02-1005838387
Publication entity
Bundesamt für Justiz (BJ), Eidgenössisches Amt für das Handelsregister, Bundesrain 20, 3003 Bern
Change nViso SA, Ecublens (VD), new nViso SA in liquidation
nViso SA in liquidation
Parc Scientifique EPFL, PSE-D 1015 Lausanne
nViso SA, Ecublens (VD), CHE-112.479.650 (Swiss Official Gazette of 11.05.2023, p. 0/1005744331). By decision of 07.09.2023, the President of the District Court of Lausanne revoked the debt-restructuring moratorium and declared the company bankrupt with effect from 07.09.2023 at 11:00 am. The company name becomes: nViso SA in liquidation. Balimann Gérald and Vuffray Alain are no longer debt-restructuring commissioners.
Daily register no. 14882 of 11.09.2023
Previous publication in FOSC: no 91, Date: 11.05.2023 Contact point: Registre du commerce du Canton de Vaud
View attachment 53710
Entries in the commercial register Subcategory: Mutation
Publication date: SHAB 19.09.2023 Publication number: HR02-1005841386
Publication entity
Bundesamt für Justiz (BJ), Eidgenössisches Amt für das Handelsregister, Bundesrain 20, 3003 Bern
Change nViso SA, Le Noirmont branch, Le Noirmont, new nViso SA in liquidation, Le Noirmont branch
nViso SA in liquidation, Le Noirmont branch Sous-la-Velle 14
2340 Le Noirmont
Previously
nViso SA, Le Noirmont branch
nViso SA, branch of Le Noirmont, in Le Noirmont, CHE-397.053.786, Swiss branch (No. FOSC 57 of 21.03.2012, p.0, Publ. 6604204), Head office in: Ecublens (VD). New company name: nViso SA in liquidation, Le Noirmont branch. New company name of head office: nViso SA in liquidation [previously: Company name of head office: nViso SA]. New remarks from the head office: By decision of 07.09.2023, the President of the District Court of Lausanne revoked the debt-restructuring moratorium and declared the head office bankrupt on 07.09.2023, at 11:00 a.m.
Daily register no. 1355 of 14.09.2023
Previous publication in the FOSC: no 57, Date: 21.03.2012 Contact: Registre du commerce du Canton du Jura
I recall a number of (since deleted) posts here on TSEx around the time when former CEO Tim Llewellyn got fired, but the bankruptcy proceedings four months ago have never been a discussion topic, as far as I can tell.
I strongly suspect that Sword of Damocles was the reason why the new legal construct of NVISO Group was formed, with corporate headquarters in Australia, shortly before the original company was liquidated in Switzerland. Maybe someone with knowledge in international business law can comment on the legality of such proceedings?
According to LinkedIn, NVISO has had a sales manager in Japan since 2019, so their presence there is not new.
View attachment 53711
What I find extremely weird is that neither NVISO’s website nor its LinkedIn post history mention anything at all about the company’s death and resurrection. As if nothing had happened.
However, I trust the Brainchip management is aware of all this, since they’ve been cooperating with NVISO all this time and would know more about what was going on behind the scenes, and we can only hope the newly registered company is financially healthy now.
Hi
@Frangipani
As much as many don't like HC, there are other forums beside BRN.
I was tracking NVISO previously purely because of the BRN link and NVISO was going through a possible IPO for ASX listing.
I haven't visited the IPO NVISO stuff for quite some time so wasn't sure what the outcome was.
I knew they already had an entity set up / being set up in Aus for the IPO.
It's IPO date continued to be pushed out during all the issues.
If you do an advanced search with NVISO as the keyword and forum as IPO then there are numerous posts by those who either took positions or were considering the IPO.
That may provide some additional background thoughts by those who researched, bought in and followed it.
The last I read ages ago was some fall out or infighting or something between Tim L and others, but could be wrong.
Pretty sure Tim isn't there anymore and is now purely with BonsEye I think, which may or may not still be linked with NVISO?
That may have been part of the winding up necessity if it was to dissolve certain parties positions?
I just had a quick look and last post was back in Aug 23 and presume the IPO maybe off the table with the restructure and YPB linked now with whatever they're doing.
brainchip.com
..
moschip.com
. I spose it was a better post than your usual LinkedIn re-hash (even if the post was incorrect).
