Join Early Retirement Today
Thread Tools Search this Thread Display Modes
Collecting from A Company
Old 05-17-2006, 02:03 PM   #1
Full time employment: Posting here.
flipstress's Avatar
Join Date: Jun 2004
Posts: 537
Collecting from A Company

I received a vague request from an uncle who owns a company in the Philippines about "checking out" another company that owes him quite a bit of money.

Said debtor company is described on its website as "A British Virgin Islands Corporation, International Business Corporation (IBC) Operating in the State of California."* There are also Federal Corp ID and Dun & Bradstreet ID numbers on the website.

I've been told by our accountant here at work that Dun & Bradstreet have reports, but these are not free.* Short of hiring a lawyer, are there steps my uncle could take or research first regarding the company?

I assume that a corporation that registers in the British Virgin Islands does so for tax avoidance purposes, so does that mean this company is shady?

Thanks for any suggestion.


flipstress is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Re: Collecting from A Company
Old 05-17-2006, 02:39 PM   #2
Thinks s/he gets paid by the post
lazygood4nothinbum's Avatar
Join Date: Feb 2006
Posts: 3,895
Re: Collecting from A Company

california's department of state's division of corporations (or some such similarly titled entity) would likely require some sort of registration to operate there. often these files contain named principals of the firm and even their home addresses, though the listed principals might just be front people. also sometimes, especially with companies incorporated offshore, everything might simply be put in care of a registered agent like a local lawyer who probably won't be real cooperative.

also your local public library might have some dun & bradstreet or similar company info for free. just call the reference desk.

"off with their heads"~~dr. joseph-ignace guillotin

"life should begin with age and its privileges and accumulations, and end with youth and its capacity to splendidly enjoy such advantages."~~mark twain - letter to edward kimmitt 1901
lazygood4nothinbum is offline   Reply With Quote
Re: Collecting from A Company
Old 05-17-2006, 09:46 PM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Ed_The_Gypsy's Avatar
Join Date: Dec 2004
Location: the City of Subdued Excitement
Posts: 5,247
Re: Collecting from A Company

Good luck, flipstress,

I have seen D&B's that look good for flakey companies. They get much if not all of their information from the company. Useless, I think. Still, your uncle should buy one.

More importantly, these guys have set up an off-shore IBC to prevent anyone from coming after their assets. Smart, but does not foster confidence. Yes, they did it for tax purposes, but they are also unreachable. If your uncle can't afford a D&B report on them, he can't afford to chase them around the world with detectives to find out who they are, much less collect on what is probably an unsecured debt. A lawyer will do him no good at all.

Buy a D&B report on them. See if they can be appealed to. Stop giving them credit in any case until they clear their debts.

Again, good luck, but don't count on anything.

my bumpersticker:
"I am not in a hurry.
I am retired.
And I don't care how big your truck is."
Ed_The_Gypsy is offline   Reply With Quote
Re: Collecting from A Company
Old 05-18-2006, 07:01 AM   #4
Full time employment: Posting here.
flipstress's Avatar
Join Date: Jun 2004
Posts: 537
Re: Collecting from A Company

Thank you for all the responses. I will forward them to my uncle.

He is 72. I've heard that he has been thinking off and on about selling his business and retiring but sometimes he asks what else he would do. He mentioned moving to the southern islands and tending a big garden, so we'll see.

Thanks again!
flipstress is offline   Reply With Quote

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
Italy: Best Company for an Art Tour Craig Life after FIRE 17 01-19-2007 05:56 PM
Company Holidays Banquet and Early Retirement. vvsonikvv Young Dreamers 8 12-12-2006 12:33 PM
Hi and how to suggest Company to offer ER notquiteready Hi, I am... 3 07-17-2006 09:42 AM
company outing vic Young Dreamers 26 06-25-2005 06:44 AM


All times are GMT -6. The time now is 07:24 AM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2016, vBulletin Solutions, Inc.