Can't pay suppliers

[Chatmaster]

Conan, this is really terrible to read, this might be a long shot. But the only way I can see for you to get this sorted out is to firstly take ownership of the CC (If you are legally permitted). In other words you must become the sole member of the CC ASAP. By doing so you become directly responsible for its debts.

Dave such good advice as usual.

The more I think about it the more I believe that a CC has more problems than a Sole Proprietor, except maybe for SARS(tisk, tisk). These days the separate legal entity simply doesn't matter any more as most accounts includes a clause that makes members of CC personally liable. I see Pty's in a very similar way when it comes to risk. That is why my latest business ventures are all done using Trusts, it costs more but it is certainly worth it.

[Sieg]

my bit:

Go see an attorney. There may be other options open to you and the members may (might?) not be personally liable for the debts of the close corporation. There is the possibility of liquidating the cc or placing it under a sort of "judicial management" or doing a friendly offer to creditors (say 40c in the Rand).

Go see an attorney (Yes, I repeated myself).

And, make him / her have some enthusiasm towards your matter by putting some money in the attorneys' trust account.

Sieg

[Conan]

my bit:

Go see an attorney. There may be other options open to you and the members may (might?) not be personally liable for the debts of the close corporation. There is the possibility of liquidating the cc or placing it under a sort of "judicial management" or doing a friendly offer to creditors (say 40c in the Rand).

Go see an attorney (Yes, I repeated myself).

And, make him / her have some enthusiasm towards your matter by putting some money in the attorneys' trust account.

Sieg

That's exactly what I did (see an attorney), not for the first time, but this time the right person. It seems all is not so bleak after all. The CC is going to be liquidated and nobody is going to be responsible for any debt in their personal capacity . It's going to cost me a few thousand in legal fees but at least I will finally be able to make a clean start. I can't explain exactly how he is going to do it, but there is legal ways that it seems usually only the very rich have access to. This guy is making a nice living by helping people and business like me by being quick and efficient. Rather than targeting the already rich and "powerful" and helping them getting richer by screwing normal guys, he is helping your average income guys to find solutions. I'm not proud of doing it this way, but it's the only way. I don't want to spend my life paying of debt. Obviously, I am going to spend a debt free life from here on, not even a credit card in this house, well perhaps just for online purchases , but no debt.
I am also changing my line of work. Problem was I used to be in high risk sectors of the economy, where it is the order of the day to make money by writing of your debt by the top of the chain guys, resulting in a snowball effect-crushing avalanche that wipes out everything in it's path.

Not anymore, new start as soon as this Monday. Hard work once again but very good prospects and low risks. I have to say I was very fortunate this week and I am lucky to get this chance.

Thanks for you replies.

[Dave A]

Here's a really good article on getting out of debt. The one part I really wish people would realise and take to heart:

We had quite a few medical bills that we just couldn't pay. We contacted the service providers and asked if we could pay them off over six months. It wasn't an easy thing to do because we had to swallow our pride, but we were amazed by how accommodating people can be. In every situation they agreed.

The fact that we had contacted them before they had to spend money on debt collection gave us credibility.

So true. And if more people did this, it would save so much trouble and extra expense.