Consequences of employers bankruptcy

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  1. #1

    Consequences of employers bankruptcy

    Hi,

    i have a question on a serious issue that has been troubling me now for more then one year.
    I used to be a CEO for a retail company responsible for Thailand and Philippines.
    Due to internal changes in the company, i was asked to take Hong Kong also to my responsibilities.

    Not only as a CEO but also as a director, since the one moving out had the same status. I had been working and been paid for the 2 markets for 3 years so i did not really see the problem.

    However, after 3 months, the board decided to close the company. I had immediately resigned as director. And feeling a bit taken for a fool, i also resigned for the other 2 markets.
    The Hong Kong company was in serious debt. approx 1.5 million hkd and with no assets to sell. The major of the debt were salaries and commissions, and myself i was also never paid for my work in the Hong Kong company.

    The decision of the closure was mainly taken by the board due to the fraud and theft i had discovered by the previous shareholder/director.

    Now almost 2 years ago, i have not heard anything from anyone regarding this, also not the board whom are Europeans.

    But i was a director for a short time ( approx 3 to months) and for my new job, i need soon to go to Hong Kong. The new job has nothing to do with the previous bad encounter.

    My question i have is can or will i be held liable for the bankruptcy, since those are salaries I think it might be a criminal offence, and i do know that the board decided to just leave the company for what it is, in the hope it will all clear out. which is and stupid and naive of course.

    But i had already resigned as a director and CEO from the company so i could not also be longer engaged in that matter of winding up. And i was not paid for anything i did there anyway, not even my stay for that time also.

    They also left the companies in Thailand and Philippines but those i had done myself and there was no debt.


    My present contractor doesnt know about this, and if or when i should end up in trouble like imprisonment, no doubt it would seriously effect my contract.

    Thanks for your insight and advice

    Damian


  2. #2

    Join Date
    Aug 2009
    Posts
    2,711

    you might be held liable but i don't see why your visit to HK should be any problem. immigration and liability for something like this are 99.9% not linked


  3. #3

    Thanks Cookie09 for your reply.

    i base my fear upon the fact that people leaving Hong Kong and have government outstanding bills might or should have to pay those first before leaving.

    I have never actually worked in Hong Kong, i have only monitored that company for a couple of months.

    But one hears so many stories right. They may be only stories but...