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bankrupcy
46 Views  ⚫  Asked 12 Years Ago
asked on Dec 5, 2003 at 06:37
by   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
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answered on Dec 5, 2003 at 11:03
by   Vince
You are not responsible.
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answered on Dec 5, 2003 at 23:37
by   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??
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answered on Dec 6, 2003 at 02:31
by   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
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answered on Dec 6, 2003 at 09:15
by   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.
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