Home / Malaysia Bankruptcy Law / Business & Consumer Bankruptcy Law How to resolve bankruptcy status

How to resolve bankruptcy status (modified 0 times) dragonking Hi there.... I had been declared a bankrupt in 2008 without me knowing by the bank over a housing & OD loan. These loans are secured and repayment weren't made for some time. Nevertheless, I had sent a letter stating my proposal to pay but byb then they took an order. Till to date the property has not been sold as i am seeking the courts help to come about an amicable settlement with the bank. Recently, i sent another proposal to the bank, but was rejected on the grounds that the bank as taken a bankruptcy action and not willing to compromise.This, I find is unfair as i want to settle this matter and putting the property on sale in the already depressed market will not be fair on my part. My question is what can i do before the next hearing which is on 22nd Feb 10. Please help..... 02 Feb, 2010 00:35:29

RE:How to resolve bankruptcy status (modified 0 times) notalawyer Are you using a lawyer? 02 Feb, 2010 15:23:13

RE:How to resolve bankruptcy status (modified 0 times) dragonking No, i havent. Thinking if there is a need when the bank has taken a order against me. But before that, I had proposed to the bank and they quite. Got the order for an ridiculous amount. Going for different hearing for auction next week. I had sent another proposal, but say that since there is an order they aren't keen. So what do I do now? 03 Feb, 2010 14:16:41

RE:How to resolve bankruptcy status (modified 0 times) notalawyer Since you are already bankrupt, the sale may be unstoppable unless you can get out of bankruptcy in a super fast time. You must know that banks cannot charge bankrupts any interest, so that's why they cannot accept your proposals to continue the loan. 03 Feb, 2010 16:00:29

RE:How to resolve bankruptcy status (modified 0 times) dragonking So thats why the bank put in a high sum in the bankruptcy petition. Can't this be set aside whilst I find ways to come about wITH A PROPOSAL. I own a pte ltd company dealing in service sector. Whats should I do now with the company...can I transfer share to other directors...and my passport I am not able to travel out. But I need to travel so what is you advise. Since you asked if i am using a lawyer,would it help to get me out of bankruptcy and re schedule my loans? 05 Feb, 2010 18:37:11

RE:How to resolve bankruptcy status (modified 0 times) vkpc Why do you want to re-schedule your loans? Bankrupts no need to pay back loans. 05 Feb, 2010 20:06:29

RE:How to resolve bankruptcy status (modified 0 times) dragonking Ok ...so I dont need to pay the loan. That would mean I will not be able to own anything in the near future. No company ownership, property and so on. Now, that not so cool....can I seek to do the following:- 1. Write to the bank and seek some kind of discount for a settlement say in 1 year's time. Meanwhile I just pay what I can afford. 2. my passport will be held..isn't it...but I need to travel..so what do I need to do? 3. Property will be auctioned at not so good value usually...so what way will it be best to get the bank to settle this? Alamak...want to be responsible pun tak blh...looks like the banks are the biggest Ah Longs. there must be some way ? Please assist, we cannot have banks to takes us for a ride....Looks like you must own them in the millions then they will listen to you....so UNFORTUNATE ha 08 Feb, 2010 00:33:25

RE:How to resolve bankruptcy status (modified 0 times) vkpc 3. Property will be auctioned at not so good value usually...so what way will it be best to get the bank to settle this? Property is sold at lower price, but loans no need to pay back. Comes to the same. Use your cash to buy new property under wife's name. 08 Feb, 2010 04:42:19

RE:How to resolve bankruptcy status (modified 0 times) dragonking Hi vkpc... Selling the hse and not paying is ok...now need to find a wife to buy property...hahaha just joking fend. How about issue of my passport? will i be able to travel still...and if so where do I seek the help? I am made to undstn that the Insolvency authorities would be able to discharge you after some 5yrs if our records hve been good ..ie settlements agreed done on time and so on....Is This True? My most importatnt que was the company which I am still a director...what to do for now Actually u r rgt, use the money and invest in something else. Anyway tks vkpc...you have a great week and God Bless You. 08 Feb, 2010 10:56:10

RE:How to resolve bankruptcy status (modified 0 times) vkpc For your company, the safest way is to close down, and set up a new company with new directors and shareholders. To continue traveling, get a job offer from overseas and then inform JIM about the offer. They will ask your wife to be a guarantor that you will pay a certain amount every month from your salary. You also need to pay a guarantee deposit. 08 Feb, 2010 22:45:26

RE:How to resolve bankruptcy status (modified 0 times) dragonking Hi vkpc... Firstly I would need to find a wife....am not married. Can i go ahead to transfer the shares out to my other directors instead. I would make a mthly payment toward JIM and hope that will good to qualify me be granted travelling. What will be short to medium term solution to this ...carry on paying for sometime then approach bank and settle a one time payment when my financial position gets better? Or, just leave it 09 Feb, 2010 13:09:44

RE:How to resolve bankruptcy status (modified 0 times) vkpc Monthly payment to JIM will not grant you traveling rights. Other frens or relatives can also be your overseas job guarantor. Yes, wait 1 or 2 years, then offer all creditors 35-50% of amount owing as settlement. 09 Feb, 2010 17:08:42

RE:How to resolve bankruptcy status (modified 0 times) dragonking Can i then proceed to JIM and propose mthly payment around say Rm500 per month. Second, try to get someone overseas to be my guarantor so that I can travel to earn my keep. Be good for 5yrs and then apply to JIM for discharge....is that possible? Third, once discharged I make a clean start without any records in CICRIS n CTOS. actually no big difference....they seem to have records for a long period of time Transfer my shares to my other partners and con't life. Look forward to your reply 09 Feb, 2010 23:41:44

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