Taking Assets From A Dying Company

[laurain]

The company that I work for is pretty much dead in the water...the bankruptcy procedures have not yet been filed, but there is no more money and a lot of money is owed to current staff, previous staff, as well as various bills. 

What can be done? There are certain fixed assets in the office, would I be within my rights to take these assets and sell them, in order to get back the money owed to me? If I ask for permission, obviously it won't be given, so I'd like to just take them when others are not around...what is the legal status of this? Would the employer be able to come after me legally if I did this?

Any other suggestions as to how I (and others) might be able to recoup our cash?

Thanks for any advice. 

[CWMcMurray]

If I ask for permission, obviously it won't be given, so I'd like to just take them when others are not around...what is the legal status of this?

I believe the term you are looking for is theft... Whether or not you would be prosecuted I can't answer.

It may even be posible that the company's creditors may have an actionable cause against you if you took the assets.

In bankruptcies there are pretty hard and fast rules about who gets paid first. That being said, I have no idea how strict things are here about such things. I would advise you to talk to a lawyer before you simply "aquire" the assets to find out how likely it is that you would be prosecuted.

I can just see the head line now: "Foreigner runs with all of the companies assets as the Thai workers go without getting paid"

edited to add a suggestion:

Try going to the labor ministry, they are very pro worker and can help to try and insure that employees are paid their salaries before the company is allowed to go under.

Edited October 17, 2007 by CWMcMurray

[laurain]

Thanks for the reply.

I'm writing this in the name of the only 3 staff left, so this would be for the staff that are remaining here. Any other suggestions?

[Morden]

I too think that this would be theft. As there would be only three suspects, the probability of detection would be high. The 'assets' would probably have little sale value. Is it worth the risk of enjoying the consequences of Thai justice?

[blizzard]

next time dont wait till the end to leave.

[Prakanong]

Who gets the first divvy - taxman or employee's?

In the UK the employee's took a lot from that questionable "No win no fee" biz when they were texted with their notice did they not.

Dunno about the law in Thailand but I would not want to find out for taking gear from the office worth very little. Even computer kit will be worth very little on the resale market.

Now if you work for a jewellery biz

[soundman]

If the company has not yet filed for bankruptcy you could approach the directors of the company & make a offer to purchase any assets at a very discounted price in lieu of monies owed to you & then it is up to them whether they sell the assets to you & do a runner with the money themselves. Your hands should be clean unless there are in-solvency laws that I am not aware of in Thailand.

Make sure you get a bill of sale from the directors.....

[johnnyk]

Walking off with assets might prove to be a very expensive "purchase".

Don't do it, it ain't worth it.

[maipleur]

If I ask for permission, obviously it won't be given, so I'd like to just take them when others are not around...what is the legal status of this?

I believe the term you are looking for is theft... Whether or not you would be prosecuted I can't answer.

It may even be posible that the company's creditors may have an actionable cause against you if you took the assets.

In bankruptcies there are pretty hard and fast rules about who gets paid first. That being said, I have no idea how strict things are here about such things. I would advise you to talk to a lawyer before you simply "aquire" the assets to find out how likely it is that you would be prosecuted.

I can just see the head line now: "Foreigner runs with all of the companies assets as the Thai workers go without getting paid"

edited to add a suggestion:

Try going to the labor ministry, they are very pro worker and can help to try and insure that employees are paid their salaries before the company is allowed to go under.

I had to laugh at your first line as I was thinking exactly the same thing..

to the op: I think it might be more bad news. You would be way down the list of who gets what imo.

[torrenova]

I believe you could be offered corporate assets not specifically under charge elsewhere to offset your monies owed if this was agreed in writing before any procedings began.