Harassment by Debt Collection Company

[Subok]

BTW I do not agree with you with " a RESPONSIBLE director should settle the debt".

The reason why a PTE LTD is set up is precisely the name suggest PRIVATE LIMITED LIABILTY. Arrgh.. I am not hoping people to say nice stuff but certainly INTELLIGENT stuff would suffice.

So if the debt inccurred by the company is only $1K, in your words, "a RESPONSIBLE director" should dig into his own pocket to pay the debt? and being RESPONSIBLE ignore the other debts of over $10K? Come on, you pay 1K you might as well pay ALL. What is responsible or morally right comes with a PRICE. It is not as in this case the director took the money go TIANANMEN and slurged on girls then let the company go KAPO.

I urge those Class95 to stay away from this debate please. I already know the conseqence of not paying creditors. It is prefectly normal. Only trouble is the domant company cannot wind up and must keep on filing "domant" status with ACRA incurring filing cost each year. Other than that hassle, the DIRECTORS of the PTE LTD no more LIABLE than you or me for the kapu PTE LTD company.

Issue here is THE "GANGSTER" debt collection company. NOT the DEBT. SO please Class95, I beg you don't show your "intelligence" or the lack of it here. Thank you.

 

[pfingo]

tat y ask u if they bought any management liability policy? in case got sue or something

of cos directors are liable (personal assets) 4 tis kind of things if not have to declare bankrupt wat...for more than 10k scenario

 

[myjohnson]

Okay, I not a lawyer so I'm just offering to help by giving my take on your issue without prejudice. So first I would like to take at face value the facts of the case that you've offered. I'm not going into the technicalities but just common sense of what we are legally entitled to the protection by the law. I've never come across a case where as a director of private limited company having to assume personally the debt or debts of the company as it is a legal entity on it's own. But just to be sure without having to spend money on a lawyer, the next time these 'legal' debt collectors were to come knocking, just tell them to get out(on the caveat that it isn't a personal debt)of your premises and if they don't call the police for assistance reporting the case as being distressed by harassment. It will be tedious, may involve going to the station to give a statement. But that is the key to it, let the poodles arbitrate, that's what they are paid for. Now tell me which debt collecting agency would want to spend this amount of time to chase after A commission from a thousand dollars.

 

[pfingo]

yes the question is how much the creditor willing to do to recover this 'small' money? dun be surprised some incur losses just to prove their point

 

[Subok]

I heard the market rate is anything from 20% commission to 50% or entire at the most extreme.

Last I heard from my friend, the debt collection now starts to harrass former executive to pay the debts forcing the ex executives to harrass back the boss to pay. *sigh..

Dear "myjohnson" thank you for your statement beautifully phrased which I hope those Class95 would take note of (Okay, I not a lawyer so I'm just offering to help by giving my take on your issue without prejudice. So first I would like to take at face value the facts of the case that you've offered. I'm not going into the technicalities but just common sense of what we are legally entitled to the protection by the law. I've never come across a case where as a director of private limited company having to assume personally the debt or debts of the company as it is a legal entity on it's own.)

And without prejudice as well the debt owning to is a supplier and the goods is delievered to the factory which since closed down. Directors did not receive the goods or sign anything on black and white saying they take personal liability for the goods delivered. It was agreed only on a payment terms of say 30days. Then the company go kapo after sometime later.

Can those executives sue the company debt owning to or the debt collector for harrassment? What is the probability of winning this case and would the grievance party be compensated?

 

[Subok]

tat y ask u if they bought any management liability policy? in case got sue or something

of cos directors are liable (personal assets) 4 tis kind of things if not have to declare bankrupt wat...for more than 10k scenario

arrmmm.. sorry where u get your facts from? ACRA? Attorney General office? Common Law? Business Law?

Pardon me please keep me in your train of thoughts.

 

[kuntakinte]

Please, give me a break !!! You just merely wish to hear things that you like to hear. Well, it is perfectly normal. MyJohnson is citing the legality of the matter, so your friend really want to go through all that ? YES ?? Well, so be it !!

Despite all these legalities, why did the creditors still go the legalized debt collecting firms ? Street-smart creditors will have the answers .........

I heard the market rate is anything from 20% commission to 50% or entire at the most extreme.

Last I heard from my friend, the debt collection now starts to harrass former executive to pay the debts forcing the ex executives to harrass back the boss to pay. *sigh..

Dear "myjohnson" thank you for your statement beautifully phrased which I hope those Class95 would take note of (Okay, I not a lawyer so I'm just offering to help by giving my take on your issue without prejudice. So first I would like to take at face value the facts of the case that you've offered. I'm not going into the technicalities but just common sense of what we are legally entitled to the protection by the law. I've never come across a case where as a director of private limited company having to assume personally the debt or debts of the company as it is a legal entity on it's own.)

And without prejudice as well the debt owning to is a supplier and the goods is delievered to the factory which since closed down. Directors did not receive the goods or sign anything on black and white saying they take personal liability for the goods delivered. It was agreed only on a payment terms of say 30days. Then the company go kapo after sometime later.

Can those executives sue the company debt owning to or the debt collector for harrassment? What is the probability of winning this case and would the grievance party be compensated?

 

[vamjok]

some of the mnc companies are very small run by families. its because of this kind so called mentality of you so call big companies and those "management" idiots in gov sector that cause these company to suffer.

whenever such small companies chased me for invoices for over a few hundreds to thousands of dollars, i will often feel very pai seh which fuckers up there hold the invoices for months.

although there is nothing much i can do as the invoice is hang somewhere up there for approval due to fuckers in the management(esp in gov sectors they think they big fuck).

talk so much crap here you are merely wanting a reassurance here that your friend to not need to pay the debt.

pls post the details of your friend here so that we can avoid him like dirt. i was dumb enough to work for these kind of no money boss wannabes which cause supplies to keep chasing us for money and drag our salaries.

yes i am class 95, but at least i am debt free with pride. ask your fren to get ready to file for bankrupcy for he bloody remind me of my ex boss. FUCKER

 

[Subok]

I do not need to hear things I wanna hear. I only know things that are LEGALLY right and not morally entangled with a Class95 mentality.

 

[Subok]

Well then you can start by going after some of the bigger firms in Singapore. They have history of bad debts yet still surviving. Go do your investigation dig out those company. Some go for terms as long as 90 days. I even know of a hawker with 30 over stalls in foodcourt, hawker centres etc owing 60days of credit to suppliers and the first 60 days sales already went into Bungalow house and Mercedes. SO that is morally right?

Typical of Class95, kiss and worship the path of the "seemingly" rich and "morally" high and using a bazooka to sweep onto a failed SME boss. Well done. With this kind of Class95 who need enemies?

 

[vamjok]

with idiots who are short sighted and overspend with their earning, serve them right for being bankrupt.

everyone works out there who deals with purchases knows all these shit esp in gov sector which is worst, you think you are the only one that knows this? surviving so? have you ever bloody spare a thoughts for those small family run business?

please post your friend details here as a warning for everyone. for i am a class 95 want to know who to avoid

 

[Subok]

avoid what? u supplier? you class95 worker what.

YOU so good at predicting business projected income and expenditure? Did u buy any Lehman bonds?

Please speak as if YOU ARE OR KNOW the predicament of business. How many times a class95 always work or do things as "aiyah as long as I get paid end of the month or who cares as long as not my money etc etc."

I avoid you at all cost already! Got balls go start a biz maybe by peddling up down HDB collecting old newspaper! Even that yesterday you buy from ppl 15cents a kilo then go recycling centre sell at 25 cents overnight becomes 10cents! Stuff the old newspaper up your arse? now price drop who absorb?

Please do not come and embarrass yourself with holier than thou attitude when certainly you do not qualify though I must say, you post intelligently on other issue outside this.

BTW the company that engages the debt collection company is no what you assume as "family business" supporting great grand mothers and tons of grandchildren family biz! This company is one of the BIG 2 in Singapore for the industry they are in! Please speak intelligently before you point the gun at your own small birdie

 

[vamjok]

why ? kana hit on the nail suddenly become so hot?

bloody proud that you and ur friend biz oweing tons of money using pte ltd company not paying back?

stop trying to act here as you are some sort of successful biz man attitude and put everyone here down. everyone can talk like one and act like one and end up in deep shit like yoru friend. till you and your friend succeed, shut your gap.

the very fact that you are dumb enough to come here to ask for such issue instead of seeking a qualified lawyer has already very much sound off how smart you are as a boss, and how successful you are. most impt how much capital you have to spare. at times i suspect my bank saving might be more than yours *laugh*

welcome you friend to the class 95 to pay off his debt!

 

[Subok]

here's 50cents go buy yourself a kite and entertain yourself.

 

[cass888]

all workers salary paid UP TO DATE. only own suppliers in fact some over 10K but only this stupid company 1K plus get debt collection company. Plus those collectors are HOCKIEN GANGSTER albeit "wear tie"

Wow. The comany even owNs suppliers. Should have no problems paying its debts then.

 

[Subok]

Forever you will be debt free. Yes! Debt free secure Class965, nothing wrong with that, just nothing wrong. So if on the other side of the coin against yours something is wrong?

Here's another 50cents go buy longer string for your layang.. I really feel so sorry for your life. Dirt that people tramp on and happy with it and Proud of it. let's us go "hip hip hppray for you"

 

[cass888]

I do not need to hear things I wanna hear. I only know things that are LEGALLY right and not morally entangled with a Class95 mentality.

LEGALLY your friend is not liable to pay. However, LEGALLY they are entitled to demand repayment from your friend as long as he remains a director since you demand payment from a comapny through its directors.

So as long as the debt collectors do not trespass your friend there is nothing he can do. Might as well pay up the $1k.

 

[vamjok]

here's 50cents go buy yourself a kite and entertain yourself.

truth hurts hur, a bloody loser comes here and put everyone down

 

[vamjok]

Forever you will be debt free. Yes! Debt free secure Class965, nothing wrong with that, just nothing wrong. So if on the other side of the coin against yours something is wrong?

Here's another 50cents go buy longer string for your layang.. I really feel so sorry for your life. Dirt that people tramp on and happy with it and Proud of it. let's us go "hip hip hppray for you"

tramp on others and be happy?

fuck you, i was once almost in deep shit course of idiots wannabe boss like your friend. too fucking lazy to share the whole incident. reading this bloody makes me hot.

 

[Subok]

god luck with your kite. Try cursing the kite seller for being entrepreneur in selling u a lousy kite.. or maybe the string manufacturer. Typical of Class95, blames everyone else, except themselves