Explore takeover services during sudden company closure

It is not uncommon to read of a sudden closure of well-established companies - including travel agencies, fitness-related clubs and, most recently, a bridal salon - leaving their customers high and dry ("76 couples hit by abrupt closure of bridal salon" and "Packages of disappointment"; both published on Oct 13).

While we can buy insurance to cover such risks, the reality is that the majority of people do not, as it adds further costs.

Even if one has bought a related insurance plan, the compensation is usually a fixed amount of money.

The inconvenience faced, stress experienced, time and related effort spent to recover the deposit paid and possibly looking for another service provider within a short timeframe cannot be easily quantified by a price tag.

Instead of leaving customers in the lurch, plans could be explored for another company providing a similar service to step in to assist as soon as feasible.

As most customers would have already paid a hefty deposit and signed a contract, which should be legally binding for both parties, no company should close down unexpectedly, as this is akin to cheating the monies of its customers.

Lim Lih Mei (Ms)