is there a way na di ako habulin ng mga old suppliers re: sa past dues?

**alwayz_yummy** · July 2nd, 2011 09:31 PM

un ang naging problema ko eversince biglaang iiwan sa akin ng kapatid ko ang management ng family business namin....madami siyang iniwang past dues na wala sa tindahan ang mga resibo, a bpi checking account na closed and labeled as "mishandled".

is there a way na ma-deter/ di ako pwersahin mga collectors to pay the past dues? grabe kapatid ko..

right now i need money for replenishing the working capital, and selling my xtrail will be an open option, but buy-and-sell people offer is almost like getting my xtrail for free.. so for now i have decided to use it as collateral while i sell it off to the highest bidder...

i understand na obligations ay dapat gawin..pero ang problem, what was supposed to be a family obligation, was left alone to be my obligation simply because i am now the one handling our family business.

most suggest na palitan ko ng pangalan... from now na corporation, to single proprietor... kung may massuggest kayo please post away!

**niky** · July 3rd, 2011 12:20 PM

Change of ownership, declare the old corporation defunct.... bankruptcy proceedings?

Family business is the worst kind... I feel your pain...

**tidus1203** · July 3rd, 2011 02:51 PM

Yeah bankruptcy is the way to go... Kaya always go for a corporation (even for a small company just create dummy owners) kasi hangang duon lang habol nila at di na kasama mga owners.

**alwayz_yummy** · July 3rd, 2011 04:35 PM

un nga... di talaga maganda family-runned business.. pagdating ng time sa mga anak ko, hayaan ko nalang sila magtayo ng sarili nilang negosyo...para di na maulit ang ganitong pangyayari...

**foresterx** · July 3rd, 2011 05:03 PM

Agree with change of ownership and pa labasin na you bougth all shares of your brother and he doesn't have anything to do with the business anymore. Also change the name of your company. Once you do that make sure that every one knows that your company is inder new management and had nothing to do with the old one.

**ab_initio** · July 3rd, 2011 05:05 PM

kung corporation, no problem. the creditors' claim may only be confined with the corporation's assets. property of the officers are beyond their reach because a corporation has a juridical personality distinct from its officers. this is when dissolution comes into play.

prior to dissolution there are winding up procedures, corporate assets are sold to pay corporate debts and obligations. however, if the creditors contest the dissolution, and that it was done to evade obligations, then the doctrine of piercing the veil of corporate identity may be invoked-in this scenario, the creditors may still reach the property belonging to the officers of the corporation.

**CVT** · July 3rd, 2011 10:07 PM

Nice to hear from you again, Sis.ab_initio...

What I can say?

Awesome!

13.6K:painting:

**pup2** · July 5th, 2011 09:58 PM

Yap, hindi ganun kadali yun. Even if mag-declare ka kasi ng bankruptcy, mawawala nga utangs mo pero pati assets mo mawawala din. Kung palalabasin mo naman na binili mo, kung lock-stock and barrel ang bili, pati utang kasama doon. Not to mention na even if you try to start anew, sisiraan ka nung old suppliers mo sa mga new supplier mo at di ka papautangin. Also, kung sole prop, pati PERSONAL assets mo puwede matangay kung malugi ka in the future -- not to mention kung magka liability ka.

Ang suggestion ko, i assess mo muna kung kumikita ka RIGHT NOW. O kung kaya mo pakitain VERY SOON. Look deep and hard if you have what it takes to turn around. Turn arounds are HARD but they are easier for businesses without outsiders. Madalas kasi iisipin mo nalulugi ang negosyo but it's more frequent na hindi lang ma support ng business ang (personal) standard of living mo.

If the answer is no, I suggest you liquidate. If it is yes, I suggest trying to turn-around or improve/expand business. Yung old creditors puwede naman paki usapan yan na Pay-When-Able if they are confident you can turn around. Pay them slowly off part of profits as the profits come in.

Masakit talaga mag turn around but it's no less difficult to start afresh so IMO, stick to whichever you find LESS difficult.

Personally, I prefer expansion/turn around to start-up ... but that's just me.

**alwayz_yummy** · July 6th, 2011 08:36 AM

awa ng dyos nasa pay-when-able status ako, pero di na lahat nagbibigay din, kahit COD... pay first muna.. right now, need fresh cash, either collateral/sell my xtrail, but i need to buy a replacement, as i need to be mobile too...

my brother whom was the previous manager used the capital for his personal gain, leaving nothing but bad debt! sad to say na-wise-an kami ng mom ko...

**niky** · July 6th, 2011 09:50 AM

Yeah... bankruptcy can be tricky. Pays to have a back-up plan when you do it. But you can also use it as a tool in restructuring.. manpower, workflow, etcetera. Only problem is that officially, you have to stop production/services during the bankruptcy period, which means that to ensure cashflow, you need an alternate corporation.