It is sad to see beautiful establishments closed because of bankruptcy. There is a famous hotel here in Davao that all of a sudden shuts down. Every time I passed by on this tall building I couldn't stop myself from wondering how this thing happen. Maybe the management did not handle it well that a Bankruptcy Lawyer was already been called. The hotel was one of the highest hotels and operating well. My boss had been a former employee there and he relayed to us that although the hotel is earning well it did not be able to cope up with it expenses and was affected by the increasing dollar exchange rate. The hotel had not been able to pay its employees on time and had been delayed in paying by six months.
In any business, filing for bankruptcy is the last resort in saving what is left. When a business or a person cannot anymore repay its debts, a legal proceeding which is bankruptcy is done. A bankruptcy petition is commonly filed by debtor or sometimes on behalf of the creditors. A Bankruptcy Attorney should be consulted in handling the whole process. With Bankruptcy Attorneys, it would be easy for the company to handle the legal papers and answer the issues raised by affected parties. Bankruptcy is usually filed by debtors because it would give them a chance to start fresh by relieving them from their debt obligations as well as offer the creditors a chance to obtain their repayment based on the assets available. Some of the implications of filing for bankruptcy are losing control of assets, cannot act as company director, cannot trade in any business without informing persons concerned of the bankruptcy and publicly examined in court . But when the whole process of bankruptcy is completed, the debtor would be now free from its obligations and could start a new company free from liabilities.