KD Business


 

Location: Nanai Rd, Patong
Regarding: Multiple Jobs
Year: 2013-2015

 

I was recommended KD through a friend who was using them for accounting/tax/SS and used them likewise for my own business, among other things.

When the time came for selling the business I had them make a special contract for a split down payment deal(50% now, 50% in 6 months), specifically to safeguard myself in the event something came up for that second payment. Sidenote: I did not decide on this lightly and KD did advise a one-off payment before coming up with the solution used. Obviously, that would have been great but there weren’t many takers and this was low season, which is a bad time to sell certain businesses due to there being less people around, obviously . On the day of the signing we manage to get it done right before I had to leave Phuket. All was fine except I later noticed they had messed up the second payment date and this was later changed and signed by both parties.

But the major problem didn’t start until 2015, when the buyer starts complaining about business not doing well and tells me he might not be able to pay up right now. That was after upgrading the business right off the bat to the tune of roughly 700k baht! I won’t go into all the details but suffice to say I gave the buyer 2 fair options on the last payment, effectively offering a 6 month extension with a added 5% interest for the delay. When I requested a contract be made by KD for this down payment solution it never got made, yet a meeting was called by them, probably because there was to be a cash payment made by the buyer. But they missed the part about the contract which was sent by email and requested face-to-face.

When the contract fell through and it came time to take back the business, I couldn’t. KD had given the buyer 50% shareholder status, which was how it was meant to be and the rest would be transferred upon final payment. BUT, you see, KD had not just made them a regular type director (yes, there were to be 2 directors, including yours truly); ¬†they had made the buyer the one with the power to sign off on everything…

So I ultimately feel that KD failed me and it was likely due to incompetance, but who knows. Now there is a lawsuit on for holding this scumbag buyer accountable, which I could end up losing in theory, even though I have all the evidence and then some, which proves beyond doubt who is at fault.

The point to take home here is that I should be suing KD for failing to secure myself in the way I was assured before contract signing. But I honestly don’t think common folk would win against a lawyer down here. There is simply too much corruption. And besides, you need it all documented in emails or other written means, something which you mostly will not have. Otherwise you don’t have the foundation neccessary to actually win a civil lawsuit.

I would advice people not to bring any important matters to KD, even though it seems professional and the english is great, they just don\’t do a professional job and they are not exactly the cheapest either. The rule of thumb over there is that any kind of contract matters or documents such as final will or similar will cost you 20k baht.

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