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Going out of business - promised bonus, what to do?

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I

ipstudent

Guest
What is the name of your state? California

Hypothetical situation:

I have a member-based company in Southern California that's going out of business fast as debts pile skyhigh. Last year I promised a bonus the first quarter of 2004 of $50/member. Now the Company doesn't even have enough to pay $50/member.

Am I required to deliver on the bonus? What else can I do? There's no formal written contract of agreement.

Can I postpone the bonus to next year?
 



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