Business failed, Advice needed

[dighambara]

Understanding how to manage finances is an important part of life.

Why are household needs and collateral remotely tied to your business..??

A good business practice is the ability to cut free if the business fails.

[belg]

the banks own it... you leased it and now it is time to give it back

but wait, if you had a legal business, you must have put down 2.000.000 baht to start your company...

you should get that back, right, when you close your company ?

ask the lawyers?

Edited April 8, 2014 by belg

[HerbalEd]

first post hmmmm troll

How many posts does someone need for you not to yell troll?

[TechnikaIII]

How much of everything is in your wife's name? Other peoples names? Is your wife Thai?

From what I see and you have told us, it looks like you have been splashing money with insufficient business acumen.

During the mid 1980s My business in Melbourne suffered terribly from the stock market crash 1986-87, which had finance gold diggers jumping out of windows. The foreclosures resembled the catastrophe of the disaster of 2008/9. I withdrew from advice of going bankrupt and handing everything over to the Receivers. In stead, I negotiated "Trading out of Debt" agreements with my suppliers. It worked, because the creditors also did not want to lose their investment in me. Their 'investment' being the supply of goods out of trust that I would honour the debts. (I also had some help with a field officer from the Small Business Development Corporation)

Only one refused and insisted on "no supply of materials until all of your outstanding amount has been paid." I was in art supplies and picture framing. All of the companies who assisted by participating in Trading out of Debt arrangements survived the crisis. The bloody minded supplier who closed the door on me, and they were one of the biggest in the country, collapsed a few years later.

(1991 I closed up shop and took a holiday, winding up the business and left with a clean slate)

I have never had to negotiate with a Thai creditor. But do you have a dialogue with all of yours? Keep it alive.

What assets does you business hold? Do you have stock-in-trading?

It is hard to know what to advise/suggest without seeing it all on the table.

I don't know what I can do, because this not Australia, but I do know that it is of critical importance to keep the communication lines open with everyone involved. They will respect you for this, and it may well buy you some more time.

Contact me directly if you wish.

Keep cool and show them that you on the case.

In1986 in Australia bankruptcy only lasted three years. So if you threw up your hands in 86 and declared Bankruptcy you could have immediately gone out and got a job and started saving money. Rather, you worked your ass off for another four years just to get back to square one. You made your lengthy post to preen your feathers...but in reality your story is one of misguided stupidity.

To the OP, pick a country that has good visa availability for yourself, your wife (and kids) such as Cambodia. Pack up and leave. Now.

Not only are you rude, but you are wrong.

Firstly I attended to my responsibilities and honored the debts.

My bank manager said, as I was finally going in to close the company trading account, "For whatever you need in the future come and see us".

I have kept contact with the materials suppliers and there isn't one who doesn't welcome me back, so many years and generations of management later.

This is called "Good will"

A decade later, and just prior to his retirement, one of the general managers invited me to lunch, and we discussed debt management in crisis situations.and related issues. I have been contacted by several individuals, who were in strife and had been given my name. My advice, contrary to your shit-for-brain attitude, has helped several people, some of whom were deeper in debt than I was.

I advocate facing up to the issue, and doing whatever is possible, before pulling the plug if that is indeed the last resort.

You advocate irresponsibility, and doing a runner, like the Thai minibus drivers who crash, killing half their passengers, and piss off.

Whatever, I did not have to, as you say, work my ass off for another four years. It took me 18 months of steering a steady course. The decision to wind up, was my own, well planned and when I was ready.

So many people here suggest running away. Is this why they're here in Thailand now?

[daveAustin]

Go to the Isuzu you bought it from and ask if they'll buy back. Did so with our pickup and they (Toyota) gave us significantly more than any yard... the finance was just a formality. Good luck.

[mrfaroukh]

Probably u can sell it but the have a winning hand as u r desperate.