Home / Malaysia Bankruptcy Law / Business & Consumer Bankruptcy Law Need assistance - bankruptcy notice late stage Negotiation with bank

Need assistance - bankruptcy notice late stage (modified 0 times) One in dilemma Hi I need some advise on how to write an appeal letter to the bank to pay a lump sum amount to discharge myself from the bankruptcy charges due to SME loan that was taken by company years ago. I was one of the director and as they could not find the other director they are chasing me for the total lump sum of money. I lost contact with my partner and started working somewhere else years ago. I have tried going to court and present my case however it was not in favor of the judge and the bank refuse to accept my payment offer to pay 24K by installment due to the low amount and long duration offered. I have managed to get a new hearing date and have meet up with the bank officer to see if i can offer a higher sum for the payment. The officer mention that i need to write an appeal letter to them with offer of a certain lump sump payment and have advise me to write where i get the money and also they want to see my salary and montly expense. I'm at my late stage of settling this problem, it has been going on for the past 10 year and i think i can't ignore it anymore. In order for me to move on with my life i have to get this problem settle. If they do not accept my payment offer, i might need to proceed with the bangkrupsi status. Please advise. thank you 05 Jan, 2010 12:57:21

RE:Need assistance - bankruptcy notice late stage (modified 0 times) firefly Is it a S/B company? Did you sign a personal guarantee? When is the date of judgment given? 05 Jan, 2010 17:40:47

RE:Need assistance - bankruptcy notice late stage (modified 0 times) One in dilemma Yes its a S/B company. I did sign some document with the bank for the loan. Feb 9th is the next hearing. I do have some question..Can the bank pursue the whole lump some on me alone? or can it be split depending on percentage of share own on the company. My share for the company is just 10%. My partner is MIA, no where to be found. Currently the bank is pursuing the whole amount on me and only my name is listed in the bankruptcy charges. 06 Jan, 2010 12:01:12

RE:Need assistance - bankruptcy notice late stage (modified 0 times) firefly If you did not sign a "personal guarantee" on the loan, the bank have no case against you. Check back your loan documents. Are you represented by a lawyer in court? If not, you could ask notalawyer for some tips. Usually the agreement says that they can claim the whole amount from any one of you. Check the fine print. This should be a lesson for all of us to understand fully every clause before signing. Another example of a predatory bank. 06 Jan, 2010 12:30:46

RE:Need assistance - bankruptcy notice late stage (modified 0 times) One in dilemma Will try to reread it this weekend. i'm sure if it is not he would have advise me earlier but then i'm not sure. I'm so frustrated, i did a engaged lawyer but he does not really show interest or giving me good advise on the pro and con of this. its more on how to delay and delay and delay no other alternative. thank you for the info, looks like i have to bear the consequences alone since i can't find my partner anywhere. I'm trying to meet up with the bank to offer my proposal of settlement next week. If they want more than what i can offer then i might need to proceed to file bangkrupsi then. i need to see if i can request postpone of the hearing on Feb 9th if i still can complete my negotiation with the bank. I might need assistance on how to do this as i no longer have a lawyer representing me since i'm negotiating with the bank directly. please advise if you have any. Thank you thank you 08 Jan, 2010 15:47:50

RE:Need assistance - bankruptcy notice late stage (modified 0 times) vkpc What happened to your lawyer? How much you pay the lawyer? 08 Jan, 2010 19:50:38

RE:Need assistance - bankruptcy notice late stage (modified 0 times) Futurelawyer I guess you must have sign personal guarantee which mean you are liable for the debt otherwise the Bank will not sue you. I suggest you negotiate with the Bank and request them to discharge you as a guarantor with sum settlement proposal say you want to pay 10% of the debt since you only have 10% shareholding. You have to beg with them show that you are not main person of the company and no money to pay all the debt. Good luck 21 Jan, 2010 23:37:32

RE:Need assistance - bankruptcy notice late stage (modified 0 times) One in dilemma just an update on my prob. I went to BNM 3 wks ago to inquire and they were very helpful in advising me what to do and willing to assist me to nego with the bank. So instead of going to the bank direct i'm going thru BNM with my proposal. Their response was very fast and i got a call from the bank 2 days ago. Well the bank did get a shock when they received a letter from BNM, i think they were annoyed too that i went thru BNM instead of coming to them direct with my proposal. I will request for a postpone on the court date to see how my proposal goes. The bank needs to come back to me with their decision within 2 weeks and new proposal if any and BNM will assist to see if they can assist me further on the decision by the bank. i'm praying hard for them to accept my proposal or if there is a counter offer on the amount to pay. If they are asking more than i can afford then i'm deciding to take up the bangkrupsi and start fresh again. its will be a struggle but then life must go on. Thank you for the advise and luck everyone. 31 Jan, 2010 12:14:54

RE:Need assistance - bankruptcy notice late stage (modified 0 times) Pening Hi, That good news. Can I go to BNM since I'm already declare as a bankrupt? Can they help me to nego wt bank if I want to discharge with 50% from amount of debt? How the procedure to get BNM advise? Thanks 31 Jan, 2010 12:32:59

RE:Need assistance - bankruptcy notice late stage (modified 0 times) One in dilemma Hi Pening, i'm not sure if you are already a bangkrupsi..but there is no harm asking BNM. You just walk in to BNM they have the BNMlink service, and you can browse thru their website too at www.bnm.gov.my. Question & advise to others: i made some investment with public mutual using my EPF money, if i'm declared bankrupsi can they touch this money? Should i tell the person to put back the money in my EPF account and stop investing immediately? thank you 31 Jan, 2010 13:09:10

RE:Need assistance - bankruptcy notice late stage (modified 0 times) Pening Thanks for your advise 31 Jan, 2010 19:02:37

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