Business down, cant pay rent...what next..

Posted by leeduk (425 days ago)

I have a problem..As of many do here..

A company who i trust, whom ive been working as a director with a partner (much older and experienced) signed a contract for rent.
But becuase of the tough world of business, we cant pay the rent and have left the premises.

The owner is seeking legal action, but the problem is that i trusted this guy and used my personal name as a guarantor for the contract.

Now the owner issued legal papers and is having me repsonsable for it.
I bought an apartment two years ago, and im worried the law will have rights to take over
my property without negotiating..

Its not the partners fault, hes not cheating me out of this, we both worked to the end but just cant make ends meet..

The company, since its a small company, can just
issue bankrupcy papers and thats it..legally,
nothing wrong..

But im worried about my apartment, where the law can take it from me..

What to do???

Worried like a sick dog...

(I am based in Hong Kong)

Find what you are after in our Hong Kong A-Z Directory

Posted by little cloud (422 days ago)

If it is just a small company, the rent owning shouldn't be much, why not find a lawyer to negeo to the owner such as pay certain amount and end the deal than worrry. Hope can help u gain sth more important and paying less. As life is always up and down so cheer up and fighting!

(I am based in Hong Kong)