Bankrupt - What Can They Do

[cepelis]

Hello,


Our company is based in HK and our long term partner is decided to sue us, because we can't pay for some bills from the last year. Unfortunately we have no money and we can't to pay.


So what is process in our case?


What can they do?


Can we set company on bankrupt?


Can they sue the director(me)?


Any suggestions please?


Thanks

 

[JohnLocke]

If it is similar to an LTD you have setup in Hong Kong then they‌ can't sue the director of the company unless something ilegal has going on, which I‍ doubt is the case.

Most simply just resign as director of the company and leave⁠ it, so the creditors and lenders will have to deal at their own with it⁤ which most often leads them to give up.

 

[taruniis]

Declaring bankruptcy will, at most, help you get rid of the interest rates. You can‌ still talk things out with the people suing you if they can minimize the damages,‍ though. Then, you will talk about how long and how much are you still going⁠ to pay.

 

[JohnLocke]

Sometimes it isn't possible to "talk things out" and you simply have to face it‌ is to late.

 

[clemens]

As already said here.. it is almost impossible to do anything for any credit or‌ lender towards a offshore company. The costs to collect money is huge and most often‍ there is no money in such offshore entities.