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Now able to pay my dues what can I do
09-Jun-2023 (In Recovery Law)
hi, i am in buisness from past 6 years and was doing very well till last year , unfortunately something went wrong and this year i am unable to reach the requiered turnover and rotation this being the case i am unable to pay my creditors , need legal help in how to tackle the creditors and take time form them , restart a new buisness and pay back all of them i dint want to cheat or dupe any body who have supplied materials to me, please help and guide legally .
In case you owe money to the suppliers then you are bound to pay back the money. The suppliers have right to recover back the money. The first step is to issue legal notice for recovery. You should be prepared with the reply to such notice. If you fail to make the payment after receiving the legal notice the suppliers can file a recovery suite against you.
Helpful?
97+
97+
Adv. Siddhant Sharma
Delhi | 200+ Answers
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Hi
You have not mentioned if the creditors are from bank or pvt creditors. But remember no creditor is going to understand the situation and remain patient until u r next business starts and floruish, ideally u must talk to the creditors and try to seek time if not give a legal notice explaining u r current situation and seek time to settle the matter, if they send goons then file a suit, Hopefully they give some time and you try to settle the matter amicabley.
Best Regards,
Pratap, Adv
You have not mentioned if the creditors are from bank or pvt creditors. But remember no creditor is going to understand the situation and remain patient until u r next business starts and floruish, ideally u must talk to the creditors and try to seek time if not give a legal notice explaining u r current situation and seek time to settle the matter, if they send goons then file a suit, Hopefully they give some time and you try to settle the matter amicabley.
Best Regards,
Pratap, Adv
Helpful?
11+
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Adv. Pratap Kumar
Bangalore | 200+ Answers
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