pre-termination of retail shop on rent as business is bad

132 Views  ⚫  Asked 9 Years Ago
asked on Sep 30, 2008 at 20:35
by   kumar
I am from India and floated share holding company in Malaysia with local residents to start a retail outlet.
Till date i have invested in the more than RM 250,000.00
Our company took a place on rent and the aggrement is for 3 years . We have completed on year in retailing.
Due to poor location of the retail our sales are very poor and no even sufficient for paying salary to the staff.
My all investment has been spent on rentals & retail expenses.
I sent goods to be sold from India and the goods value RM 50,000.00 is additional investment from me.
We want to close the shop but the owner is not allowing us to leave and not willing to return our 4 months deposit worth around RM 50,000.00
We have no funds left to pay rental further as the business is not having any sales.
We want to close all operatios and the after meeting the landlord we need to pay RM 60,000.00 and forfeiting our deposit as early termination of tenancy aggrement.
We can go on loosing RM 15,000.00 every month for further balance 2 years.
Is there a way to get out from this messy situation as my other shareholders have not invested any money in the company?.
If we close the company what problems can occur?
Howcan we get rid of the shop before the tenancy period is over?
Will i be prosecuted being resident of India if i enter Malaysia?
Ihave already invested a lot and if it continues i shall be in heavy debts as i know the business shall be very poor in the future.
Pl help with your advise !
0 had this question
Me Too
0 favorites
[ share ]

Know someone who can answer? Share a link to this question via email, Google+, Twitter, or Facebook.

Your Answer

By posting your answer, you agree to the privacy policy and terms of service.