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business problem

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


Arresto Menor
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

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

tsi ming choi

Reclusion Perpetua
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.

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