Free Legal Advice Philippines

Disclaimer: This web site is designed for general information only and does not create attorney-client relationship. Persons accessing this site are encouraged to seek independent counsel for legal advice regarding their individual legal issues.

Log in

I forgot my password

You are not connected. Please login or register

insolvency for corporations only?

Go down  Message [Page 1 of 1]

1 insolvency for corporations only? on Mon May 30, 2011 2:18 am


Arresto Menor
good day to everyone in the forum. i'm currently in a bad financial situation. my company incurred a lot of debt from financing transactions (both from authorized and also private lending institutions, due to some very bad business decisions) and consequently, the interest expense has overtaken my capacity to pay even the principal. my company's a sole proprietorship. i still want to repay them but i know that it might take a few years before my company can stand on its own feet again. i have actually exhausted all my assets (except those mortgaged thru banks), trying to pay my obligations. would filing for insolvency be my best course of action? i know that i can still turn around my company with a little bit more time.

View user profile

Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum