Running company financial status

[Elendu]

What to do as a company owner when your employees borrowed money from the company and failed to pay back

 

[Bisolami]

What to do as a company owner when your employees borrowed money from the company and failed to pay back

The best thing is to report to my lawyer. Borrowing money and not paying back is a very bad habit.

 

[Stardom22]

I think this is very simple to solve as a company owner. Here I can authorize a deduction of a fraction from their salaries monthly until they finish their debt with the company.

 

[uptrendfinancialsignal]

The financial status of the company must be well discussed because it must not be jeopardized.

 

[Magnus2022]

What to do as a company owner when your employees borrowed money from the company and failed to pay back

As a company owner I will simply do the needful. I will be deducting the money from his salary. The only sympathy I will have for him is that I will be taking the money gradually.

 

[Shavkat]

What to do as a company owner when your employees borrowed money from the company and failed to pay back

In my country, some companies can just deduct the borrowed money from their salary. It depends how many percent will do this. It is impossible that they cannot pay the company.

 

[IB D]

I would have a discussion with them and tell them that I would start deducting the debts from their salaries. In my workplace z deduction of debts owed the company is automatic.

 

[Shavkat]

I would have a discussion with them and tell them that I would start deducting the debts from their salaries. In my workplace z deduction of debts owed the company is automatic.

It would be better if they do it in a black-and-white. It is an agreement proof. Before borrowing some amount of money, they need to sign a contract that it will be deducted every having the salary.

 

[eldavis]

Though it would be better not to let them borrow to prevent issues like this. In a case like this, i believe it would be better you deduct what they owe from their salaries.

 

[cherry123]

This is why in situations like this there must be written agreement especially from employee that the money will always be deducted from source I can authorize a deductions from salary

 

[Shavkat]

Though it would be better not to let them borrow to prevent issues like this. In a case like this, i believe it would be better you deduct what they owe from their salaries.

I agree with you. If the owe big time from their companies, they need to take their responsibility to pay them.