Selling of Business
I had recently sold my business to my friend. We signed the S&P and according to the agreement, my friend will be sending me post dated cheques through an instalment plan. I am afraid that if he fails to pay me, what are my options on actions that I should take? The amount is less than RM30,000 and I am afraid that it might be very messy then.
The best thing to do when it comes to selling of a business is to try and avoid instalments because it comes with a lot of uncertainties. Typically, it is a business and the economy is something that cannot be predicted. What if he closes the business before paying off the debts to you? If you are suing him in the future, he can only be filed for bankruptcy if the amount is more than RM30k and this can be done if you include the interests and other damages.
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