Guarantor - Bankcrupcy. Need advise! Thanks

Dear Sir,

Mr. A is the guarantor for his fren Mr. B for housing loan cost $80K in 1999 (10 years back).
Mr. A did not receive any letters from bank all this while and suddenly there was a letter called for hearings in court in 2007. The case has been running for the past 2 years...

The last payment made by Mr. B to the bank was in 2003 and Mr. B had gone MIA after that...
No one stays in the house that purchased by Mr. B since 1999.

Now the bank is coming after Mr. A for the loan payment, since Mr. B is MIA.

The housing loan including Interest is abt $220K as of today. The property went for auction numerous time for the past few years. The last auction price for the property is $25K. Till date no buyer found, as the area is not developed.

In Jun 2009, Mr. A able to get Mr. B's contact & address thru someone.

Mr. A wrote letter to the bank as (suggested by the bank officer - to pay $30K to buy back the property) and provide Mr. B's contacts & address as well.

The bank replies by accepting the amount $30K but not releasing the property to Mr. A.
Mr. A appeals & requested to buy back the property for $20K & and discharge all claims as guarantor for $20K. Total about $40K. No replies from bank.

In Nov'09 Mr. A, received a letter from JIM, requesting Mr. A to fix an appt with JIM officer & bring along all documents of properties under Mr. A name & also outstanding loans / debts under Mr. A name.

Kindly advise:

What is Mr. A status now? Will he be declared as bankcrupcy?
What is Mr. B status now? Is he a bankcrupcy?
Why bank didn't send any reminder on loan payment to Mr. A since after 2003?  No proper reply given by bank on this question.
Why JIM is requesting for the list of Mr. A properties & Debts / outstanding loan?
Currently, Mr A works in Singapore and travel daily in / out from M'sia to Sgp. Will he be stopped in the immigration? Can he travel?
Anyway to avoid from being bankcrupcy, as Mr. A will be getting married in year 2010. What will be the impact?
Why the bank cannot releases the property & discharge him for $40K, when the property is only valid for $25K as last auction.
Any other solution to avoid from this issue rather than paying the $30K to bank.

Thanks & appreciate your kind and fast reply.

With Regards,
PP

Which bank is that?

AM Bank

Mr. A appeals & requested to buy back the property for $20K & and discharge all claims as guarantor for $20K. Total about $40K. No replies from bank.

Of course no reply-lah.
Mr. A owes RM 220k to the bank since he guaranteed to whole loan.  How to settle for RM 20K? Only 10%?  I also don't want lah.
The bank is not interested in his offer for RM 20k to buy the house.  What for?  They can sell it for RM 25k to other people better still.
Now do you understand why the bank no reply?

Since A received letter from JIM, this confirms that he is already a bankrupt.
Quickly withdraw all cash from bank accounts while still can withdraw.

Thanks for the reply...
Just wants to know, can the Court declared a person as a bankcrupcy without the person's attendance in court?

Mr. A was not informed on the last hearing. Just a letter from JIM.

According to the Lawyer, the case has been withdrawn or in another word, the lawyer himself not aware of the last hearing.
Is this possible?

can the Court declared a person as a bankcrupcy without the person's attendance in court?  Yes.

According to the Lawyer, the case has been withdrawn or in another word, the lawyer himself not aware of the last hearing.
Lawyer is wrong, JIM letter is confirmation of bankruptcy.

Thanks for your time and replies.

As mentioned earlier... BANK officer had actually accepted to the payment amount of $30K.
Mr. A was actually negotiating with the BANK on the buying over the property as well...
and was waiting for a reply letter from bank... and that's when the letter from JIM received...

Lastly, the lawyer had confirmed that Mr. A's case has been KIV by the bank.

If we received letter from JIM means... COURT has confirmed Mr. A's bankcrupcy in the last hearing without Lawyers & Mr. A presence and only BANK representative attended the court. Am I right??

Anyway, to clear/remove Mr. A's name from being "Bankcrupcy", as its affecting his future.

Thank You.

BANK officer had actually accepted to the payment amount of $30K.
The bank accepts payment of 30k. But is that payment Full Settlement of all outstanding?
I don't think so.  Read carefully the letter.
Don't pay without any black and white confirming that payment is full settlement.
If you pay, the bank will take the 30k and after that will send a statement for 200k still owing, and A will still be a bankrupt.

If A's lawyer didn't attend court for the bankruptcy hearing, whose problem is it?
It is not the bank's problem.