"That's right, because of the scandal involving Hodou, the Han Entertainnt Film and Television Company is practically on the verge of closing down, and Hodou has no way of repaying the money owed to your bank. So I plan to use the contract to restrain Hodou!" Lin Mu said.
"There is indeed a contract between the bank and Hodou, and he borrowed the money by mortgaging the company's assets. If he truly can't repay it, Hodou's film company will belong to the bank, and then the bank will auction it off to offset Hodou's loan. However, the repaynt date hasn't arrived yet!" Wang Junhui nodded and said.
"Uncle Wang, I understand this. I want your bank to collect the debt in advance. My goal is to purchase the property rights of Han Entertainnt Company from your bank!" Lin Mu said.
"That's not a problem, but currently Hodou has been paying the debt according to the contract every year without violating it, so the bank doesn't have the right to enforce anything." Wang Junhui said.
"Haha, I know this. As far as I know, the annual profit of Han Entertainnt Film and Television Company is only about two hundred million, and Han Entertainnt has to pay the bank one hundred million every year. In previous years, this wasn't a problem, but since Hodou's scandal ca to light, Han Entertainnt Company has been severely hit. I have already used my influence to blacklist Hodou, and now all of Hodou's projects have been cut off. Your bank can use this matter to put so pressure on Hodou!" Lin Mu stated.
Wang Junhui nodded, "That's indeed a good approach. According to the contract, when there's a significant decline in the company's assets, the bank has the right to revise the loan repaynt amount. We can take this opportunity to put so pressure on him!"
"Haha, then thank you very much, Uncle Wang!" Lin Mu laughed.
"No need to be so formal. If it weren't for your help, uncle might still be ho enjoying retirent. I will help you as much as I can!" Wang Junhui said.
As long as Wang Junhui is willing to help, the matter is half done. If Han Entertainnt Film and Television Company fails to pay the bank, the bank will act according to the contract and will have the right to seize Hodou's company. By then Lin Mu can buy it, and he will effortlessly gain ownership of the company!
Once he acquires Han Entertainnt Film and Television Company, it would be a huge leap for Lin Mu in the film industry. Han Entertainnt Film and Television Company, unlike Flying Dragon Film and Television, has abundant actor resources and isn't short on talent!
After the deal, Wang Junhui imdiately arranged for Manager Yang from the project departnt to issue a bank notice to Han Entertainnt Company. Of course, this notice follows the contract terms without exceeding legal boundaries!
When Hodou received this notice, his face turned gloomy imdiately. Damn it, he was struggling to climb out of a pit, and here cos the bank adding fuel to the fire, kicking him in the back. Isn't this forcing him, Hodou, back into the pit?
"Manager Yang? What's the aning of this from your bank? I will repay the loan on ti when it's due, so why are you advancing the repaynt deadline?" Hodou sat in his office, angrily asking Manager Yang from the project departnt.
"President Huo, the explanation in the contract is very clear: when the company's assets show a significant decline, indicating an inability to repay, the bank has the right to collect the current debts in advance. If the borrower cannot repay on ti, the bank has the right, according to the contract stipulations, to seize the company for auction to prevent loss!" Manager Yang explained according to the contract.
Hodou frowned, clearly feeling troubled. "Who said I can't repay? I said I'll definitely repay the part that's due within the stipulated ti!"
"President Huo, apologies, but there are contractual regulations. As far as we know, the impact of your incident is severe, forcing the company to prevent losses by collecting the debt in advance. If President Huo doesn't cooperate, then apologies, but we will auction the company within a week, and your ti is only one week!" Manager Yang stated.
"I think your bank is just talking nonsense, going to seize my company? Why don't you just go and rob sowhere?" Hodou said angrily.
"Apologies, President Huo, please understand our bank's difficulties. If you have the ans, you can completely pay the debt first. We apologize for the inconvenience caused to you!"
Right now, Hodou has no funds to repay the bank's loan. Collaboration with major film companies has ceased in these few days, cutting off sources of funds. Asking Hodou to co up with over a hundred million at once is truly beyond his capacity!
Manager Yang glanced at Hodou, "President Huo, we've co today just to prepare you beforehand. If you don't pay off the debt within a week, then sorry, but according to the contract terms, it will have legal effect, and the film company will no longer be related to you!"
After Manager Yang said this, he took a few bank staff out of the office. After the bank personnel left, Hodou angrily slamd the table. Now even the bank is making things difficult for him. How can he possibly gather such a huge sum in such a short ti?
The law is like this: If you don't act according to the contract, the film company will belong to the bank. Hodou's years of efforts will co to naught!
In this society, no matter how powerful an individual is, they cannot override the law, unless you're an exception so formidable that even the state dares not touch you. Otherwise, you'll always be bound by legal constraints!
"Assistant Ah Guan, how much can the accounting departnt get together?" Hodou sighed and asked.
Although he put up a tough act in front of Manager Yang from the bank, since there are legal constraints, Hodou must abide by the contract. The company is here, it can't just run away; trying to play tricks won't work.
"Boss Chen, considering our usual business volu, gathering collaborations with a few film companies to reach two hundred million isn't a problem. But several companies have suddenly ceased collaboration with us; the accounting departnt can only co up with fifty million!" Assistant Ah Guan replied.
"Fifty million?" Hodou knit his eyebrows tightly.
Just fifty million, not much use at all. One always regrets the lack of money when the need arises! With the usual business volu of Han Entertainnt Company, two hundred million wouldn't be a problem!
"Indeed, President Huo, fifty million is needed for normal company operations as well. If it's all used, the company might be dood. Employee salaries won't be paid normally, and we lack business contracts now, no inco sources, like stagnant water, very hard to revive!" Assistant Ah Guan said.
Hodou rubbed his forehead, just a few days ago his company was among the top in the entertainnt industry, building relationships, gifting, and forming constant networks, thriving in a booming environnt. Unexpectedly, in just a few days, Lin Mu almost killed his company. Now it's plumting to rock bottom without warning and finally, the bank ca to demand the debt!
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