Victims of Bankrupt Companies

Friday, March 12, 2010

There have been reports that local business owners have been fooled by unscrupulous individuals in Manila to purchase kiosks and franchises from bankrupt corporations. This week alone I have seen two women who were duped into selling their own land so that they could invest their hard earned money into a non existed defunct company. There are no current centralized records listed in city hall or the SEC to prove they are otherwise. Cases of large scale ESTAFA were only filed and this is unfortunately; an offense where they can post bail. I wish the business organizations file complaints in city hall so that they would have better systems put up for potential investors. If they manage to at least have something like the california bankruptcy records in the Philippines; then we would not have this problem. On line search would take a few seconds to check a listed corporation and it would deter these occurrences if the government really pushes for great reforms in the system.

I once also planned to invest in the food business which would go this route and thankfully I have done my research first. Seeing these cases become rampant in the past few months really got me worried and think about investing elsewhere than Manila. I have also listened to the victim's testimonials when they went to the police and these smooth talkers unfortunately get out of jail after a few days. I am so worried and appalled that the Philippine government does not take steps into modernizing or acquiring help of the experts who can make these records publicly accessible and properly updated. Without the initiatives of a great leader we might be just on the verge of looking at our bleak future. I hope real change happens immediately because there would be hundreds or even more that would suffer from these unscrupulous individuals. I would never want to be a victim and I reserve the right to know! Why don't they just tell me if they are bankrupt so I would not have to engage business with them anymore?!


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