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HELP PLS! Conned, Sued, Huge Debt

302 Views  ⚫  Asked 3 Years Ago
asked on Oct 20, 2014 at 23:02
by   ckspaceboy1
Dear all, I came across this forum and I seek all the help and advise possible for the situation I am in now. I hope for your kind patience to read my situation and provide some guidance.

I was persuaded into starting a partnership business by two other partners mid of last year. The business was a bar & restaurant, and I have invested all my savings with high hopes of the business, quitting my job at that time too. Unfortunately,3 months into business, the other two partners cancelled the tenancy agreement and emptied the whole shop (furnitures, lightings, audio systems etc) without my consent, and could not be contacted from that day on. I have lodged a police report immediately, but they could not do anything as this is considered a commercial case, not a criminal case.

I am now burdened with two huge debts from their actions. Firstly, we owed Supplier A a total amount of RM31K. Secondly, we have signed an exclusive sponsorship contract with a renowned Liquor Dealer of 2 years and received a "sponsorship" in the form of RM150K cash. All the cash was spent (or partly conned) for rentals, renovation works etc which has "arranged and handled" by the other two. Supplier A has started taking legal actions, but Liquor Dealer had not done anything so far.

Supplier A has issued demand letter and writ summons for the outstanding RM31K + interest, enough to make me a bankrupt. They have named all three of us as Defendants. I have tried negotiating with the Supplier for partial payment but to no avail. They were unable to contact the other two partners so I am now personally held eligible to pay the full amount at once. I am the only one who have filed my court appearance now at the time of writing this.

Do I have the slightest possibility to defend myself here in court due to the following reasons:
1. The other two partners terminated the tenancy agreement without my consent, thus ending the business and I have no other means to pay the outstanding debt

2. Is there any possibility that I could defend myself to pay my share of the debt, i.e. 1/3?

3. What would happen to the other two partners if I settled the outstanding debt myself to prevent bankruptcy? Does this mean they both would escape any punishments?

4. What actions can I take to have the other two partners responsible for this?

5. What can I do to terminate the company as I am worried that would use the company to perform other transactions etc without my knowledge. They both cant be contacted so definitely it is not possible to close the company at SSM with them.

It seems that the other two partners are not worried of bankruptcy at all as they did not even file their appearance. I am in such dilemma that if I am willing to settle this RM31K debt, I am indirectly saving the other two partners from this responsibility and bankruptcy. And what if the Liquor Dealer do take legal actions after I have solved this case with the Supplier?

I urgently need some advise and guidance on what would be the best possible solution, and if there is need of any lawyer who could assist, please do provide recommendations.

Regards,
Helpless
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