Khang Auto
- Thread starter angbrian
- Start date
Re: Khang Auto
To answer Ken's questions....yes and no.
Yes they can start Dung Auto
No, there is no legal loophole. Anyone can start a pte ltd company so long as ACRA allows. Its up to the creditors to object. The best way is to make the director(s) bankkrupt, then legally cannot start any company unless with exceptions. Without this and barring fraud/white collar criminal activites..the directors of Khang Auto can start Kan Hitmee's Kar Chng Khang Auto, Tua Pao Xian Auto, CB Khang Auto etc etc
To answer Ken's questions....yes and no.
Yes they can start Dung Auto
No, there is no legal loophole. Anyone can start a pte ltd company so long as ACRA allows. Its up to the creditors to object. The best way is to make the director(s) bankkrupt, then legally cannot start any company unless with exceptions. Without this and barring fraud/white collar criminal activites..the directors of Khang Auto can start Kan Hitmee's Kar Chng Khang Auto, Tua Pao Xian Auto, CB Khang Auto etc etc
Re: Khang Auto
This is one of the gist of the issue, the way I look at it. If Khang Auto can find an easy way out to "recapitalise" its business by a separate entity, it would. That's detrimental to TWM's warranty holders. If the owners of Khang - presumably also the registered stakeholder - is impacted by this legal process, and impacted to the degree he or they have no space to run similar business in future, the chances of salvaging some residual value is higher than allowing them a loophole to reset their scheme of things all over again.
In short, do not allow a legal gap for them to spring related business through another entity.
MW said:
This is one of the gist of the issue, the way I look at it. If Khang Auto can find an easy way out to "recapitalise" its business by a separate entity, it would. That's detrimental to TWM's warranty holders. If the owners of Khang - presumably also the registered stakeholder - is impacted by this legal process, and impacted to the degree he or they have no space to run similar business in future, the chances of salvaging some residual value is higher than allowing them a loophole to reset their scheme of things all over again.
In short, do not allow a legal gap for them to spring related business through another entity.
Re: Khang Auto
But you see..its difficult to bankrupt a Director of Pte Ltd company unless he has given some personal guarantee etc. In most cases, many rogue directors will fold one company and re-start another new one with others and life goes on while the victims are still gathering a support group in various Forums to go BBQ and look very far at East Coast Beach. Life sucks but thats just the way it is.
And life sucks because we think like victims of a "scam". If we put ourselves in the Director's shoes..he may have genuine lan lan reasons to fold the company and owing many creditors..such as economic downturn or workers ran away with his wife and daughters and maybe maid. He shuts the company and opens another new company to start afresh. Do we curse him?
But you see..its difficult to bankrupt a Director of Pte Ltd company unless he has given some personal guarantee etc. In most cases, many rogue directors will fold one company and re-start another new one with others and life goes on while the victims are still gathering a support group in various Forums to go BBQ and look very far at East Coast Beach. Life sucks but thats just the way it is.
And life sucks because we think like victims of a "scam". If we put ourselves in the Director's shoes..he may have genuine lan lan reasons to fold the company and owing many creditors..such as economic downturn or workers ran away with his wife and daughters and maybe maid. He shuts the company and opens another new company to start afresh. Do we curse him?
wt_know
Well-Known Member
Re: Khang Auto
no one will know their "inner motive"
it could probably that ... i don't give a damn of the biz model whether it's sustainable or not
fk it ... pocket the money now and if shits happen ... fold it and open a new company
i'm still laughing to the bank and drive my porsche
and yeah ... life sucks especially if you are on the receiving ends
no one will know their "inner motive"
it could probably that ... i don't give a damn of the biz model whether it's sustainable or not
fk it ... pocket the money now and if shits happen ... fold it and open a new company
i'm still laughing to the bank and drive my porsche
and yeah ... life sucks especially if you are on the receiving ends
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Re: Khang Auto
u see, we are still thinking like a victim. If we think like a judge for example and a victim comes and plead that you hang the director, and the director produces evidence to show he really was in a lan lan situation and his life crumbled, so now he start a new fish ball noodle hawker store to earn a living.
As a judge, you hang the director?
u see, we are still thinking like a victim. If we think like a judge for example and a victim comes and plead that you hang the director, and the director produces evidence to show he really was in a lan lan situation and his life crumbled, so now he start a new fish ball noodle hawker store to earn a living.
As a judge, you hang the director?
Re: Khang Auto
Problem is he may start a new fish ball noodle hawker store with pretention to earn a living but actually stashed away million of dollars from this episode while the victims are left crying and discussing over pot-luck BBQ in East Coast Beach...
Problem is he may start a new fish ball noodle hawker store with pretention to earn a living but actually stashed away million of dollars from this episode while the victims are left crying and discussing over pot-luck BBQ in East Coast Beach...
C3P0
Well-Known Member
Re: Khang Auto
Ken, I think it's difficult for Khang's owners and directors to do the same warranty business again. Because they are dealing with PIs and workshops, and these are not uninformed retail consumers aka ah pek auntie.
But if they want to open a normal car workshop, call Repair Hitmee Karchng Hole Ltd, then maybe they still can get business from the unaware public.
Ken, I think it's difficult for Khang's owners and directors to do the same warranty business again. Because they are dealing with PIs and workshops, and these are not uninformed retail consumers aka ah pek auntie.
But if they want to open a normal car workshop, call Repair Hitmee Karchng Hole Ltd, then maybe they still can get business from the unaware public.
