Lawyerment Discussion Forum
The Malaysian Law Discussion Forum for All
Forum Home | Sign In | Sign Up | Search | Help | Lawyerment HomePost a New Message | Reply this Thread | Printer

Home / Malaysia Immigration & Criminal Law / Immigration Law
bankrupcy
bankrupcy

New Messagebankrupcy (modified 0 times) steven
Hi Puan Ira,
I'm currently living overseas and i believe that my dad is on a bankrupt list in malaysia. If i were to go back to malaysia for holidays (i still have the malaysian passport), will I be responsible of my dad's debts?
thanks
05 Dec, 2003 07:37:57

New MessageRE:bankrupcy (modified 0 times) Vince
You are not responsible.
05 Dec, 2003 12:03:12

New MessageRE:bankrupcy (modified 0 times) Puan Ari
That depends!.If you have signed for as a gurrantor for your dad's loan ,u r responsible.The bank will take action to blacklist your name as well as your dad with the immigration.So I suggest that u don't come back for holidays till u have finish your studies.
Malaysian gorvernment likes bankruptcies to stay in the country to suffer and not allowed them to go out of country-hoping they will payup ONEFINEDAY.lol
What do the rest of the readers think?????Any opinion to share??
06 Dec, 2003 00:37:33

New MessageRE:bankrupcy (modified 0 times) steven
I think there need to be a major overhaul in the laws pertaining to bankrupcy. Its first of all ridiculous to ban someone just because of bankrupcy! In canada, you could travel even if you're bankrupt and in 7 years, you get to start fresh all over again.
I feel the malaysian government need to change this backwards law and move on with the rest of the world
06 Dec, 2003 03:31:42

New MessageRE:bankrupcy (modified 0 times) Vince
Once a person is declared bankrupt, he either repays his debts or don't.

The bank should charge your dad as the first choice, you should not be responsible till the bankrupt asserted unable to perform his obligation; then the guarantor is the Optional Target.

A Guarantor still can appeal to the Court and Immigration for release; unless the bankrupt really cannot meet his obligation.

Of course for the time being, you should not take the risk.

You can ask your dad to check with the Immigration about the actual situation, and for further confirmation.

06 Dec, 2003 10:15:06


Post a New Message | Reply this Thread | Printer | Forward
All times are MYT


Copyright © 1999-2014 Lawyerment.com. All rights reserved

Privacy Policy | Terms Of Use | Contact | About Us | Advertising Opportunities
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 for 1000's of answers to legal questions. Please read our Privacy Policy and Disclaimer & Conditions Of Use.
Copyright © 1999-2014 Lawyerment.com. All rights reserved