I WAS desperate and confused when I searched myself into this forum (Back in May 2008) and do not know who to turn to and what to do.
Also, I was scared, anxious and worried a lot. Like having sleepless nights (Only 2 to 3 hours sleep even taking sleeping pills), no appetite (lost 5kg's), negative thoughts (one can easily see it on my expression), especially now (12 July 2008) with the economic condition and slow business expected for another ???. But on the good side, extremely good to my spouse, never been so nice to her before.
I am/was actually a living and walking ZOMBIE (4 months now)cand do not know what to do and only have fear and fear conquered me. No fighting spirit at all.
I am in business and have outstanding loans and debts of near to RM 2 million with monthly overheads of about RM 150, 000 to account for.
I am/was totally lost and even contacted AKPK and tried to get lawyers advice. Where to find them? Maybe, I did not try hard enough. It is #### hard to find lawyer for bankruptcy, probably because they think that we will be unable to pay. Haha!
I also have 2 properties and a BMW totalling about near to 2 million of loans to service and I actually live in one of the property with my family. If I am bankrupt, where are we going to crash? How am I going to tell my wife and kids. What a screw up hubby. I have 3 kids and a supportive wife. Thought of so many STUPID/Nonsensical stuff that probably most of you think of as well.
I USED to be confident, positive, ego, arrogant and proud as I started with nothing (RM 20,000 savings) and built a company from scratch to turnover of 11 million in 5 years. Made a lot of many and now the company is at 25% sales turnover compared to last year and probably reach 30% by this financial year. What a big headache!!! If you know math, you know the problem I face. However, I managed to cut cost to about RM 100,000 a month presently (Still have to cut) and cash flow issues.
I talked to people to sell off my company and even my property and assets and as you know, others will take advantage of your situation, likewise I think that I will too.
So now, I have to come back to earth and start over again and try to turn this thing around. Work longer hours and keep my fighting spirit up.
I am rather young at heart (Not revealing my age) and this is my first business.
I am not out of the woods yet but I will try harder as I believe that this/existing business is feasible. Diversify is too late now and no funds as well. Also have to go through the learning curve and make mistakes and this will cost money.
Come to think of it, my fear was to continue fighting in this business or prepare for exit strategy, salvage whatever funds I possibly could (About RM 60,000 only) and let the banks come after me, declare bankrupt. Reading the papers and the news does and will not help much as it only bombard me with more negative news aggravated matters (Political and economical instability) for me to exit with so much uncertainty ahead.
RM 60,000 versus M 600,000 or 6 million if the business can outlive this slowdown crisis, I guess about 2 to 3 years.
Normal stuff like all the evil plans of transfer funds to other accounts and change property name and others, blow the cards (Ha, here I probably could get additional RM 30,000) et cetera when you think of exit and give up.
I guess some will think that I am show off for sharing the details. But I have a reason to do this as knowing the problem is not enough, we/you have to address and confront the issue at hand. We have to be open and frank and not hide the issues at hand.
Like I said, my issues/problems are yet to be solved and are still here and I have yet to find the solution but at least I must have the fighting spirit to continue and live on fighting. Emotions are like waves in the sea, they come and go. I might feel depressed after an hour later. But at least I am happy and sober for an hour. Ha ha!
There is no short cut to solve our financial issues even in this forum. We have to admit that we made mistakes or is incompetent to be where we are now and we have to face the issue. Giving up is the easiest route and way. Do not blame others or regret the past as it will make matters worse, I been through that too.
Here is the flavour of the day and the million dollar answer that you all have been waiting for with the tormenting "banyak cerita" that I have just shared and why and how I suddenly have and found some hope!
I discussed my matter with a professional friend, banker (Have to pay him one!) and realised that I can re negotiate my bank payments to the banks and restructure the organisation to be lean and feasible with the expected sales forecast and expected profit (If any). The road ahhead will and might not be easy and I will have a lot to do but I know I must have this fighting spirit to live another day and overcome this challenge that I am given.
Reply to this message and let me know your questions and comments if you have any.
By the way, engaging a lawyer would delay the bankrupt process but you have to pay ???. How much, depends on how many creditors and how long the case is. If you do not do anything and let them come to you, it will be as quick as 6 months and the banks can take your assets and funds. Banks will not want this as it will cost them $$$ (About 10 to 30,000) to make someone bankrupt as well so they will want to DISCUSS and talk to you to salvage whatever they could. Even 0.30 to a dollar, they would take. They are desperate hah! So are we. Cheers and have a good day.