Home / Malaysia Bankruptcy Law / Business & Consumer Bankruptcy Law Court Judgement Court Judgement

Court Judgement (modified 0 times) In Dilemma Dear All, The bank that I am owing to has got a court judgement against me recently. From the date of the Judgement, how soon the bank will freeze my account & properties? Can anyone enlighten me? Please help. 02 Sep, 2008 13:34:17

RE: Court Judgement (modified 0 times) Jojo Nathasa What type of court judgement you are referring to? Unless your debt is RM30,000 and above from one bank, you cannot be made a bankrupt. If it is a bankruptcy notice, once the judgement is made in court, you are already a bankrupt. Once you are a bankrupt, you are supposed to declare all your bank accounts and properties. Before the bankruptcy notice, quickly do the necessary to protect your assets. You know what I mean. Perhaps,some experienced ones here can help by giving more in-depth understanding. Anyway, do not fear! Bankruptcy is not the end but a fresh new beginning to journey your life in a more matured way, given the freedom & peace of mind away from your creditors' constant demands for payments. Cheers! 02 Sep, 2008 16:32:11

Court Judgement (modified 0 times) Join the club. Hi All, Yes, what Jojo mention is true. You will mature and be a wiser person in future. You still have a lot ahead of you. Nothing to worry about. Transfer all your funds and asset out ASAP as the financial instituitions can have them taken away from you to recover the debts that you owe them. Sell all your assets ASAP and also take out all the funds you have in the bank and transfer out all the funds to other's or keep in in cash at home to pull you through the next few months. All the best. 03 Sep, 2008 00:36:10

RE:Court Judgement (modified 0 times) In Dilemma Dear Jojo, Thank you for your advise n I really appreciate it. Actually it is Judgement In Default after I fail to appear in Session Court on last week. I owe the bank 120K. B4 that they already send me letter of demand followed by Summon to court. I also owe 2 other banks as well. How long it takes for the bank to take the next course of action after they obtain the Judgement In Default. N what kind of action will it be? Please help. 04 Sep, 2008 11:23:24

RE: Court Judgement (modified 0 times) Jojo Nathasa Dear "In Dilemma", "Judgement in Default" simply means a judgement is made against you even though you didn't attend the court. "Judgement in Default" is just a general term, it can mean an execution of the judgement for bankruptcy or the writ of seizure & sales (seize your belongings & sell them off to clear your debt). This is only an example. Did you receive a bankruptcy notice? Since you have owed the bank more than RM120k, I believe the the "Judgement in Default" is an execution of the judgement to make you a bankrupt. I think it takes 1-2 months. The following is the process flow whereby a person is finally made a bankrupt. As a bankrupt, you can still work to earn a living but you need to contribute a little of your salary every month to the Official Assignee of the Insolvency Dept. Just say you can only contribute RM30 or RM50 or RM70 or RM100 monthly depending on your affordability. Your passport & all bank accounts will be impounded but you can apply for permission to open a savings bank account just for the sole purpose of depositing your monthly salary. Once you are made a bankrupt, you have to report & surrender all your properties and assets to the Official Assignee. Moreover, you cannot do business nor hold any official position in the society. Anything in your wife's name or children's name(if any) shall not be affected as long as there is no document transaction between them and you. That's all for now. You need to act fast as advised by the "Join the Club". Hope this reply shall enhance your understanding to a greater extent. Bankruptcy Process Flow Letter of Demand sent | Summon served | Judgment obtained | Execution of Judgment | Bankruptcy Notice served (personally or advertised on newspaper) | Bankruptcy Petition served | Receiving Order -> Bankrupt 04 Sep, 2008 17:17:50

RE:Court Judgement (modified 0 times) In Dilemma Dear Jojo, 1 to 2 month to obtain court order to seize properties & belongings? It is too fast. I thought they need at least 6 months time to do it. Can I still negotiate with the bank after they obtain Judgement? Will they seize the office belonging as well? Since I have sold my house (not transfer) to my wife in Jan 2006 by effecting the sales & purchase agreement, will the bank still has the right to seize the property? I am really worry n sad over this matter. Please advise. 04 Sep, 2008 18:42:48

RE: Court Judgement (modified 0 times) Jojo Nathasa Dear "In Dilemma", 1 to 2 months to obtain court order to seize properties & belongings? It is too fast. I thought they need at least 6 months' time to do it. What I understand is 1 to 2 months to make a person a bankrupt after a court judgement is made. I am not referring to obtaining a court order for seizure of properties. Normally, if it is a personal debt, the bank would not apply for WSS (Writ of Seizure & Sales) unless your home has artifacts/things of very high monetary value. WSS is invoked normally on business bankruptcy whereby the business may have things of very high monetary value. Can I still negotiate with the bank after they obtain Judgement? Will they seize the office belongings as well? Of course, you can negotiate with the bank. If I am not mistaken if a company is a "SDN BHD", it only applies to assets/things under the company's name and your personal things/belongings are protected. Once the "bankruptcy notice" is served upon you, that is more or less the time your bank accounts and properties would be impounded. Since I have sold my house(not transfer) to my wife in Jan 2006 by effecting the sales & purchase agreement, will the bank still has the right to seize the property? I am really worry n sad over this matter. Please advise. I do not think so. Your sale of your house is safe as it is done before any bankruptcy notice is served. But if you feel worry, then sell off the house. NOTE: For accuracy of the law, best to seek legal advice. 09 Sep, 2008 11:20:42

RE:Court Judgement (modified 0 times) Join the CLUB From my understanding and discussion with a lawyer. Anything that is transfered before the Bankruptcy Notice is served is SAFE. So your house is safe since you sold to your wife 2 years ago. I did the same and transfered the house as a "GIFT" to my wife to save and since I cannot afford to pay for the stamp duties. Hope this helps and gives you a clearer picture and peace of mind. Have a good day. Also, take the opportnity to max out all credit cards and personal loans if you have any LEFT since you are joining the club soon. Minimum requirement is 30K and there is no maximum (Depending on your ability) to join the prestigious club. 10 Sep, 2008 18:08:56

RE:Court Judgement (modified 0 times) In Dilemma I have another question in my mind that is during this period I have sold my car to used car dealer. When the bank effect the Writ Of Seizure & Sale, will it affect the used car dealer to sell the car because they need time to find buyer of this car. The car registration card is still under my name. If they have problem selling off the car I beleive they will look after me. Kindly advise. 11 Sep, 2008 12:22:49

RE:Court Judgement (modified 0 times) Sai Meng I had a massive problem with banks and with my creditors in Malaysia. I left in a hurry because the bank and another lender decided to move against me although I was trying to sort out my problems with the help of a Chartered Accountant. I could have resolved my financial problems in an orderly manner had it not been for an ex who worked with the bank who decided they would exercise their rights against me if you know what I mean. I contacted a lawyer in Australia who has excellent knowledge of bankruptcy and insolvency. he is actually a former Malaysian doing exceptionally well in Australia. I promised him I would pass on his details to others because of the extremely competent way in which he handled my bankruptcy. I am now releived.But I won't be returning to Malaysi for a while. Our chelup lawyers only charge lot of money but don't provide any service where they must think. They only go by the book. If you need help ask him: his website is:http://www.lawcomex.com Let him know please I sent you. 18 Sep, 2008 06:15:00

Disclaimer - Please Read Carefully

These Bulletin Board pages are intended as a public service primarily to allow non-lawyers and lawyers to share experiences and opinions with other non-lawyers and lawyers. They are NOT intended to be a source of advertising, solicitation, legal advice, self-promotion or disparagement. Lawyerment assumes absolutely no responsibility for postings or their content. Visitors may post questions, comments and replies without prior review by Lawyerment, but we reserve the right to delete any postings (in whole or in part) for any reason at any time.
However, the fact that a posting remains on site NEVER means that it has been approved or endorsed by Lawyerment. By making a posting you are agreeing that the material you post becomes the property of Lawyerment. Lawyerment is a unit of Magnificent Communication. Visitors should exercise great caution when reading this (or any other) Bulletin Board. Be aware that those who post messages may not be who they claim to be. Never to rely on any advice in legal matters except from an attorney you have retained to represent you and your interests. To locate and retain an attorney we suggest you visit our Lawyerment Lawyers' Directory.
Click here to visit Lawyerment.com.my for 1000's of answers to legal questions. Please read our Privacy Policy and Disclaimer & Conditions Of Use.
Copyright © 1999-2007 Lawyerment.com. All rights reserved