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Help! - Got a subpoena for Syndicated Stafa

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1 Help! - Got a subpoena for Syndicated Stafa on Wed Oct 26, 2011 5:50 pm


Arresto Menor
I, together with other friends put up a company in 2007. We provide services to our clients. Late 2009, we decided to expand and since we are just small we cant get a loan from a bank. One of our clients, who is a corporation, agreed to loan us Php5million pesos which we got in January of 2010. The promissory note was a transaction between the client (a corporation) and our company and signed by respective officers.

We used the money to put up our new office and some went to working capital. Unfortunately, the financial crisis in the US affected our business and starting May of 2010 we started to have financial problems. We retrenched employees to reduce our cost but this did not help and we close business in Sept of 2010. We paid interest to this creditor until Oct. of 2010. We haven't filed for for bankruptcy yet because we are still processing the necessary papers.

Yesterday, one of my friend who is the president of our company got a subpoena for syndicated estafa. I did not received a copy yet but I am sure I am included as one of the accused.

My question is, can they file a syndicated estafa? The transaction is between two corporations. Also, we offered to settle it in 10 years because that is what we know right now that we are capable of. But they want it 3 years. We never intended to runaway from the obligation even though the money went to the corporation.

Someone please help.


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it is very important that you prepare you counter affidavit to prove that it was a loan

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