business problem

chaychu · 1 business problem Sun Jan 13, 2013 9:13 am

chaychu

Arresto Menor

Posts : 1
Join date : 13/01/2013

Need your advise. I have a business but a lot of things gone bad and can't pay my debts to my supplier. They are demanding cash payment from me. But I really can't pay them outright cash. Can I file for bankruptcy? What options do I have? I have checks issued to them but I already closed my accounts? Please help

tsi ming choi · 2 Re: business problem Thu Jan 17, 2013 9:42 pm

tsi ming choi

Reclusion Perpetua

Posts : 760
Join date : 08/04/2011

You can file either:

1. Petition for insolvency
2. Petition for suspension of payments
3. Petition for corporate rehabilitation (in case you are a corp.)

Difference between them? depending on your type of business and your intent to pay or not to pay them.

business problem

1 business problem Sun Jan 13, 2013 9:13 am

chaychu

2 Re: business problem Thu Jan 17, 2013 9:42 pm

tsi ming choi