Author Topic: Crestok has just filed for bankruptcy (Read 33687 times)

michey · « **on:** April 07, 2020, 20:05 »

You have to sign few documents to request a payment but "It is highly unlikely payment will be distributed".

BigLeague · « **Reply #1 on:** April 08, 2020, 01:00 »

Read the same email, not really a surprise. I hope people didn't get caught out with much owing, i was lucky and had a payout in September 2019 and since then nothing much happened. It reminds us all to always take out earnings as soon as you are allowed. Never leave it with another company.

Over the last 10 years of microstock selling, the best CreStock ever did for me in terms of percentage of annual profit was less than 0.5% .

Pauws99 · « **Reply #2 on:** April 08, 2020, 03:32 »

Hard to feel sympathy for them when their rejection messages were downright insulting and arrogant which I took as an indication of the esteem they held their contributors in.

Microstock Posts · « **Reply #3 on:** April 08, 2020, 05:11 »

Many years ago I emailed them asking how I can remove images, it was not a request to remove images, I just wanted to know the procedure. The reply I received was..

"This email is to confirm that the images which were formerly active
in your portfolio have now been removed.

I can leave your account active, or close it if you wish. Let me know what
you prefer and I will take care of it for you."

I was surprised by their reply to say the least. I responded by asking them to close my account.

jam-design · « **Reply #4 on:** April 08, 2020, 06:55 »

Good. They didn't send me my money since last spring but the problem is in "current pandemic...".

WaterView · « **Reply #5 on:** April 08, 2020, 07:38 »

Unfortunately I was about $2.75 from a $50. payout. Can anyone help me figure out how to fill out the PROOF OF CLAIM (Form 31) and GENERAL PROXY I'm supposed to send back to [email protected]? I am not good at all the legal mumbo-jumbo.
I know I probably won't get paid but, willing to try anyway. Thanks

PaulieWalnuts · « **Reply #6 on:** April 08, 2020, 08:18 »

Not a contributor so didnt get email. Did it mention anything about parent company Masterfile?

Lev · « **Reply #7 on:** April 08, 2020, 10:41 »

Email also says they will continue to sell our photos after bankruptcy. Just they will not owe us anything. Amazing. It looks like fraud.

Uncle Pete · « **Reply #8 on:** April 08, 2020, 10:48 »

Quote from: Lev on April 08, 2020, 10:41

Email also says they will continue to sell our photos after bankruptcy. Just they will not owe us anything. Amazing. It looks like fraud.

Well the site is still up and says nothing. I wrote to Masterfile and asked. Maybe the email isn't real or maybe? I didn't get it, because I left in about 2010.

That's when I stopped supporting the parasites of the industry.

Keep in mind, anyone who stays with these terrible and troubled places, if you make a sale and don't get paid, you didn't do anything but give away a free image that might have sold elsewhere. So the illogical reasoning "I make a little something" is really hard to understand. Making nothing and being ripped off, is not making a little anything.

Working for free isn't on my wish list.

THP Creative · « **Reply #9 on:** April 08, 2020, 11:17 »

Quote from: Pauws99 on April 08, 2020, 03:32

Hard to feel sympathy for them when their rejection messages were downright insulting and arrogant which I took as an indication of the esteem they held their contributors in.

I think this was one of the first agencies I ever left, and never looked back. Your summary of them is spot on in my opinion, but I hope those who still had earnings get their payments. Hate to see it going to a collection agency or similar.

Justanotherphotographer · « **Reply #10 on:** April 08, 2020, 11:23 »

Quote from: Lev on April 08, 2020, 10:41

Email also says they will continue to sell our photos after bankruptcy. Just they will not owe us anything. Amazing. It looks like fraud.

It actually says they will pay for any sales after bankruptcy via Design Pics Inc.
Of course there's no chance of anyone making payout before they disappear because all the money accrued prior to bankruptcy will be wiped from accounts.

Uncle Pete · « **Reply #11 on:** April 08, 2020, 11:48 »

Quote from: Justanotherphotographer on April 08, 2020, 11:23

Quote from: Lev on April 08, 2020, 10:41
Email also says they will continue to sell our photos after bankruptcy. Just they will not owe us anything. Amazing. It looks like fraud.
It actually says they will pay for any sales after bankruptcy via Design Pics Inc.
Of course there's no chance of anyone making payout before they disappear because all the money accrued prior to bankruptcy will be wiped from accounts.

And just to add something which is normal for bankruptcy, after they pay the obligations and other debts, that must be paid in full. Taxes for example. The rest of the claimants might get a percentage of what's owed based on how much they have divided into how much they owe. That number isn't going to be 100% in most situations.

WOW - the Design Pics family of agencies includes: Design Pics, Printscapes, The Irish Image Collection, First Light, Axiom Photographic, Pacific Stock, Alaska Stock, AgStock Images and most recently, Disability Images.

f9photos · « **Reply #12 on:** April 08, 2020, 13:08 »

They lasted surprisingly long taking into an account their idiocy and attitude towards contributors.

Quote

To be abundantly clear, filling in this form does not guarantee you payment. It is highly unlikely payment will be distributed.

THP Creative · « **Reply #13 on:** April 08, 2020, 14:09 »

Quote from: Uncle Pete on April 08, 2020, 11:48

Quote from: Justanotherphotographer on April 08, 2020, 11:23
Quote from: Lev on April 08, 2020, 10:41
Email also says they will continue to sell our photos after bankruptcy. Just they will not owe us anything. Amazing. It looks like fraud.
It actually says they will pay for any sales after bankruptcy via Design Pics Inc.
Of course there's no chance of anyone making payout before they disappear because all the money accrued prior to bankruptcy will be wiped from accounts.

And just to add something which is normal for bankruptcy, after they pay the obligations and other debts, that must be paid in full. Taxes for example. The rest of the claimants might get a percentage of what's owed based on how much they have divided into how much they owe. That number isn't going to be 100% in most situations.

WOW - the Design Pics family of agencies includes: Design Pics, Printscapes, The Irish Image Collection, First Light, Axiom Photographic, Pacific Stock, Alaska Stock, AgStock Images and most recently, Disability Images.

But only CreStock out of these is filing for bankruptcy, right? Or all?

k_t_g · « **Reply #14 on:** April 08, 2020, 17:08 »

It seems they only had one person doing the reviewing so they were probably on their last leg for years now.

But are you sure that Master file isn't just absorbing Crestock? I only see a notice on the main site of a renovation regarding Master file.

Tryingmybest · « **Reply #15 on:** April 08, 2020, 17:53 »

Quote from: michey on April 07, 2020, 20:05

You have to sign few documents to request a payment but "It is highly unlikely payment will be distributed".

I forgot about checking my account since June 2019 and have $100.50 in there. What a ripoff.

sgoodwin4813 · « **Reply #16 on:** April 08, 2020, 18:30 »

When signing up for new agencies I used to submit 100-200 images, then see what happens. With Crestock and their offensive reviews - what did they call that guy? Judge something or other? - plus low sales I never uploaded anything more. After a decade or whatever I have a grand total of $25.47 from my 118 images - never did get to payout there and they will keep it. From their filing they had $187,000 in debts and only $15,000 in assets. I assume all the debts are from unpaid earnings. I don't remember their cut, but if they gave us 25% then they made almost $750,000 and didn't pay out a dime. Very annoying that they can just walk away like that. At least I didn't waste much time or lose much money with them - I feel sorry for those of you who do. I will file a claim just for principle but of course won't receive anything.

BTW, Waterview, I don't think you need to bother with the proxy part if you are filling it out yourself.

microstockinsider · « **Reply #17 on:** April 09, 2020, 04:46 »

@Tryingmybest - don't worry about forgetting, I've been waiting for a payout request for approx $150 for at least a year. This news was not a surprise, it was clear there were problems several years ago.

steheap · « **Reply #18 on:** April 09, 2020, 19:06 »

I had totally forgotten this one and the 221 images I had up there. Just checked today and I have a balance of $75!!! Easy come, easy go...

50% · « **Reply #19 on:** April 10, 2020, 00:04 »

I've forgot about them looking at my pictures I have with them that must be over 10 years ago. 100 hundred I had approved a tiny portion of my actual portfolio but I've made 12.49$ well.............

obj owl · « **Reply #20 on:** April 10, 2020, 06:13 »

Masterfile the owners of Crestock still have Crestock files up for sale. At a guess, sales at Masterfile would have gone into Masterfile pockets and commissions out of Crestock, win/win the robbing feckers.

Justanotherphotographer · « **Reply #21 on:** April 10, 2020, 07:39 »

What?! How can Crestock be bankrupt and Masterfile still be trading and they own Crestock? Isn't Crestock just a brand name?

m · « **Reply #22 on:** April 10, 2020, 07:51 »

Masterfile filed bankruptcy too. They haven't been paying contributors for years. While trying to startup new businesses. (picrights.com) which they don't pay the copyright owner as well.

Justanotherphotographer · « **Reply #23 on:** April 10, 2020, 07:59 »

Quote from: martinrichard on April 10, 2020, 07:51

Masterfile filed bankruptcy too. They haven't been paying contributors for year. While trying to startup new businesses. (picrights.com) which they don't pay the copyright owner as well.

What a bl***y mess.
I hope no one's uploading to picrights.com or any other enterprise they have.

m · « **Reply #24 on:** April 10, 2020, 08:08 »

"They owe royalty payments for the images they licensed to 530 stock agencies and independent photo creators."

https://www.selling-stock.com/Article/design-pics-becomes-interim-manager-of-master

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Author Topic: Crestok has just filed for bankruptcy (Read 33687 times)

michey

BigLeague

Pauws99

Microstock Posts

jam-design

WaterView

PaulieWalnuts

Lev

Uncle Pete

THP Creative

Justanotherphotographer

Uncle Pete

f9photos

THP Creative

k_t_g

Tryingmybest

sgoodwin4813

microstockinsider

steheap

50%

obj owl

Justanotherphotographer

m

Justanotherphotographer

m

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