2nd edit
Since covid i used my own money to pay for company expenses and goods. Total i forked out is about $250k, hence i took back $100k a few mths ago to reimburse myself. All accounted expenses in google sheet for credit card paying for goods, remit money overseas for goods (china) and VA salaries.
Edit:
Its private limited company, and director are personally liable for all the debts.
50% shareholding each for partner and i
Not trying to do anything funny. Bankruptcy issue only arose recently.
Feb was when i took out $100k to reimburse what i paid for company for past few years if expenses. I did not hestitate and send most to repay my friend and my wife.
Now that bankruptcy in mind, i am worried jt looks like sus.
I don’t like to do any illegal stuff.
Asking advice as i have been mentally exhausted. I admit i am brink of seeking mental help for having very negative thoughts but i am pushing hard for the sake of my kids.
Short summary: my business owes abt $1m many years ago and we were repaying monthly, with less than $800k to go.
Tried my best, but collapsing for bankruptcy.
My biz partner has decided to give up, and planning for non-payment, which means the counterparty would probably send letter of demand and file us for bankruptcy, unless i take over 100% of the loan. On my own, i am confident we two can clear the loan slowly, but he prefer that he take the plunge and get discharged 5yrs rather than shoulder debts for 10 years
I tried asking the creditors to restructure but they are not keen, as they are gov linked i think.
I cannot do it on my own, with parents with sickness and 3 young kids of my own.
My wife has a relative high income, but if i used her income to pay this debt, we have nothing for our kids and my retirement (i am already 47yo)
Here to ask the crowd wisdom before i start non-payment.
1a) do they go through my wife’s bank accounts and holdings? Do they check to make sure i didn’t do excessive transfer in the last few mths.
I had borrowed numerous times from my wife and my brother, and a close friend since covid period. The amount is probably $200k and above
Company excel sheet has numerous times where i sent or paid from my bank accounts, but didn’t write explicitly its my wife, or friend or brother.
A lot of borrowing is for covid debt and legal fees
My wife has much higher income, but lent me so much.
4 mths ago, i made a withdrawal of $100k from my corporate account and paid off my friend and my wife. As i do not kept a proper record of how much, i am worried the creditors suspect i am hiding assets
Another complication is my wife borrowed balance transfer at the same period and sent it to crypto wallet to hold in fixed deposits for interests, is this onboarding by StraitsX gonna be sus?
(I had no idea my partner would give up and push for bankruptcy back then)
1b) also sent my friend $60k from this money i withdrew from corporate account 4mths ago i had and I’m worried they complicated my friend. Its pure payment to repay debt.
- do i have to declare crypto?
I last dabbled in crypto many years ago and stop when FTX collapsed. I helped my brother do airdrop farming using his wallets and thats it. I dont think i have significant money except maybe $100 here and there
I’ve a friend who bankrupted and said no one asked abt crypto during filing, checking if its true. He himself had crypto wealth but technically its his wife who bankrupted.
Can i don’t declare this: fear of complications as i used my brother wallet and also my wife’s exchange account. She did use SCB to send to StraitsX money for crypto onboarding.
do they go through my phone photos, my emails, my whatsapp, telegram, chrome broswer history like investigating? Or my PC data browser history etc
Worse: do they go through my spouse’s phone too?when they eventually visit my home to confiscate, what do they look for? My PC is the only valuable thing but i use for work. I cannot imagine they will take my furniture?
How do they judge what is my wife or what is mine?
Another complication, i am a HDB owner but living in rental condo. I think i have to move back?
I have an old car with bank loan, guess they will make me sell too.
lastly my company owes a supplier some money, as we were very close, i want to sell him my company before i bankrupt, and let the counterparty take the full payment (very little) but operate the company without taking over this debt
I am hoping this would be allowed as i owe him so much for supporting.bankrupt means many big companies would not hire me right? Kinda downward spiral.
I tried telling the counterparty to let me pay less better pay close to none (5% of full debt is what i heard), since bankrupt means i cannot find a good job also. They would not bulge.
MP also cannot help as its commercial dispute.lastly for the sake of completeness, any tasks or details i should do or take note. I know someone told me to maximise my credit card loan or business loan before i give up but I’m skeptical there are no additional penalties.
Any DMs and comments are appreciated. May not be active fast as its a long work day for me today
Ps: pls don’t ask me abt how we incurred this debt, its a very long story and my wounds are painful and deep.