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Queries about job bond and its T&C
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TSRavagerX
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 Jan 16 2025, 07:32 PM, updated 11 months ago
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Getting Started
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Hi all, I need some insights here.
Around 1 year ago, I joined a new company - lets call it ABC sdn bhd.
As this company pays for the certs and training needed to do my job, I was asked to sign a bond with ABC for 3 years, amounting to about ~RM30k.
Half a year later, the company spun off and sold my division to another company, so now we are under a new company/ entity.
1. I was never asked to sign a new bond under new company. So if I want to leave the company now, is this bond still legally binding? Am I legally required to pay it back?
2. Any tips on how to negotiate with bosses if they brought this up? I hoped it doesn't turn ugly or burn any bridges in the end.
And no, the new company is not willing to buy me out of this bond, but I really want the new job.
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TSRavagerX
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Jan 16 2025, 08:23 PM
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Getting Started
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QUOTE(stormer.lyn @ Jan 16 2025, 08:19 PM) Do you have new employment letter under the new company? Not yet, this is a theoretical question. |
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TSRavagerX
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Jan 17 2025, 01:29 PM
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Getting Started
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QUOTE(cfa28 @ Jan 17 2025, 12:59 PM) you need to be very accurate about the structure of the sale of your division was the shares of the original company that employed you sold or just the assets and liabilities sold. this is cos the employers are not considered as part of the assets and liabilities and you must resign from your previous company and sign a new employment contract with the new company. you will have to see what are the terms of your new contracts if only the equity or shares of the original company that employed you was sold, then you remain bound by the original contracts as there is no change in the company and only the shareholders change that does not concern you. do you know for 100% certainty which category do you fall under Sorry unfortunately I don't know. I just know from the sale until now, I was not asked to re-sign any documents or new employee agreement. But we are still in the process of transition to new email address, employee benefits, etc. There is no way the legal and top management are ever gonna let us see the T&C of the sale yah...that was in US and we small potato surely don't have access. |
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TSRavagerX
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Jan 17 2025, 02:21 PM
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Getting Started
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QUOTE(cfa28 @ Jan 17 2025, 01:47 PM) how long has it been since the sale was completed did you try to use Google or other sources about the company 7 buyer that bought your company. it's odd cos normally for sale of assets, employees normally sign new contracts few days before the sale is due to be completed cos it will be one of the closing conditions I think the sale was completed around june last year. that's when we start to get all the transition process information. |
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TSRavagerX
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Jan 17 2025, 04:31 PM
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Getting Started
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QUOTE(stormer.lyn @ Jan 17 2025, 03:35 PM) You say hypothetical situation, then say the company sold last year. Which is it? Anyway, your payslip coming under the old company name, or new company name? If old company, only the equity of the old company was sold, and your bond is still valid. If payslip under new company name, then the bond may be invalidated. Lol sorry. The company division sold is a fact. Theoretical question as in - IF I really going to perform this job change. Payslip is outsourced to third party payroll so now it still displays old company name. This post has been edited by RavagerX: Jan 17 2025, 04:32 PM |
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