Hi -
I live in Washington and gave a company that a friend of mine was helping to start up in Arizona a few thousand dollars, within the means of a signed promissory note. The repayment was due within a year, but I signed an amendment that extended it for another year. The second anniversary of the original loan was last fall, and I have not received the loaned money or the associated interest I was to accrue yet.
This month, the owner of the company said the company is out of money. My friend left the company a few months back, but says there is something else strange going on. My question is: what is the best path forward for me to recoup my money? I have never been in any situation even close to this before, so knowing my options would be extremely helpful.
Thanks in advance!
-Greg
I live in Washington and gave a company that a friend of mine was helping to start up in Arizona a few thousand dollars, within the means of a signed promissory note. The repayment was due within a year, but I signed an amendment that extended it for another year. The second anniversary of the original loan was last fall, and I have not received the loaned money or the associated interest I was to accrue yet.
This month, the owner of the company said the company is out of money. My friend left the company a few months back, but says there is something else strange going on. My question is: what is the best path forward for me to recoup my money? I have never been in any situation even close to this before, so knowing my options would be extremely helpful.
Thanks in advance!
-Greg