Thanks for having this web site to answer people’s queries and also that it is free. I recently entered into a business deal with someone I have known for a few years and I helped them start a company up. It was a taxi service, which at the time seemed like a good investment, as more and more people are using taxies. We bought 5 cars and had a few more that the drivers had as they used their own cars. We made sure they had commercial insurance. Everything was above board. The drivers that used our cars paid a weekly fee, which was deducted from their fares. All went well until last month. The person I went into the business with has gone missing. He ran the day-to-day operation, I was just an investor. I signed for the 5 cars we bought, and paid the deposit. With my business partner being missing, no one is running the service and our business has dropped, and I am still paying for these cars. I am at a loss what to do?
The first thing that comes to my mind is your business partner OK? If they have gone missing, how, and why?
Can you run the company or hire someone to handle this to build it back up?
Are you in arrears with any of the loans?
Are you the only person who signed for the car loans?
You could close the service down, and sell the cars to offset any losses, the cars do have a value, but not as much as a new car.
If you would like to discuss this in more detail, get back to me and we can look into this and find more options.