Ann: Contract Default Notice Issued To Varm Cosmo, page-124

Thanks for your information. But I think you have misunderstood my meaning.

What I wanted to point out here is if a party failed to comply its financial obligation for so long, it is very unlikely for the another party will ever be able to recover the money owed. That's why in the practice of accounting ,will consider the owed amount as a bad debt.

Using my example again, if someone didn't pay for the phone bill for say an year, what is the likelihood he will pay the bill after one year? What is the likelihood the company to get any compensation via legal action? (consider the other party was hiding in Korea).

Furthermore, no one here really have much details about the financial position of VC (please correct me if I am wrong). There is a risk that VC is actually a shell corporation with no assets within. I highly doubt whether they can afford to pay even $10k to MXC.

This bring another problem, who is going to enact the legal consequence of the default of the contract? The Korean? or the Australian? No one really know.

AIMO DYOR