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What's the impact of bankruptcy? Can bank reject AKPK proposal?

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asked on Apr 7, 2015 at 15:13
by   murusvm
edited on Aug 24, 2016 at 04:30
 
Currently I undergoing the bankruptcy process with Bank X due to hire purchase. I tried my best to find ways to avoid bankruptcy with some proposal which I need some advice and miracle ideas from this group. I would much appreciate that.

I had a house (2 owners, me and my mom) which also loan under the same Bank X. I have paid up and transferred the ownership to my mom and my brother 8 months ago, which my mom has fully paid with her and my brother's money.

My questions is as below:

1. What would be the impact to this house if I am being adjudged a bankrupt?
2. What is the impact to my spouse and children's if I am a bankrupt?

Here's my scenario:

Car: NAZA Ria 2.5cc Special Edition

3-10-2011
- 1st case for 'tuntutan baki pinjaman.'
I attended the court case and requested the court to auction the car (which at the moment I have surrendered for volunteer repossession) and I told the judge that I would pay the balance.
- Penghakiman (Judgment) on the date was, defendant 'perlu bayar tuntutan Affin Bank.'

19-6-2013
I found out that the car which has a value of RM40,000 was auction under value of RM8,000, which I did not receive any Schedule 4 or 5.

I have made complaint to Bank Negara, and I wrote several emails. According to Affin Bank, the car was auctioned under value due to:

1) Part of the engine missing and the engine is not the same as in the grant.
2) Gear box missing.
3) Computer board missing.

15-8-2013
I made a police report that "Suspect of Kes Jenayah" under the advice of the Bank Negara Officer.

23-10-2014
Got the "Laporan Siasatan." They found "Tiada Kes Jenayah" in other word, there are no items missing from the car. Police recommended me to files a civil suit against Affin Bank.

9-3-2015
Case hearing "Di hadapan Timbalan Pendaftar."
I have requested for time to prepare some document, next case hearing on 20-04-2015.

6-4-2015
Went to AKPK and seek help there. Since the Creditor's Petition (CP) is fully served (according to the bank), AKPK has put me under "Metric 2" (proposal for those case under legal proceeding, mainly bankruptcy) said I had 50% / 50% chance only on this matter. Where bank can reject AKPK proposal.

I have been told by AKPK officer that I will only get the reply from the bank after 21 days.
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answered on Apr 1, 2015 at 01:10
by   Jeff
edited Aug 24, 2016 at 04:38
 
1. What would be the impact to this house if I am being adjudged a bankrupt?
Director General of Insolvency (DGI) has the powers to void any any transfers prior to bankruptcy.

2. What is the impact to my spouse and children's if I am a bankrupt?
No bearing on spouse and children.
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answered on Apr 1, 2015 at 15:11
by   murusvm
Thank Jeff,

Do they process even the house has 2 owners ?
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answered on Apr 1, 2015 at 16:42
by   jeff005
edited Aug 24, 2016 at 04:49
 
Do they process even the house has 2 owners?
Under bankruptcy law.. YES..

Prior to transfer, you have 50% "Beneficial Interests" in that property.

You should not have fully paid up the housing loan as it is the same bank that is trying to bankrupt you. It could the "motivation" of the 50% of this fully paid-up house that causes your dilemma now.

Read at @Steven:
https://www.lawyerment.com/answers/questions/9820/transfer-flat-property-to-wife-or-sell-it-to-avoid-bankruptcy-auction-or-lelong

Bankruptcy Act 1967, Section 52
Avoidance of voluntary settlement

The bankruptcy law has clearly spelt out on properties transfer prior to being adjudged a Bankrupt.

However, it should be noted that more could have been discussed now regarding Steven's case. Since that time in August 2014, forumers over here have understood more of the running of Jabatan Insolvensi Malaysia (JIM).
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answered on Apr 1, 2015 at 22:57
by   jeff005
edited Aug 24, 2016 at 04:54
 
@Muru

I have received the emails pertaining to your dilemma. However, it is beyond my scope of knowledge and info to fight your case. It is a clear cut case of bank abuse of consumers rights.

My personal opinions:

RE:- 29NCC-519-05-2014

1. When you surrender the car to Affin Bank, were there proper documentations? You can fight on this issue.
2. Have you file a civil suit against that bank? Get a lawyer if you can afford or self represent. This would delay your bankruptcy case hopefully for another 1.5 years hoping to exceed the 2 years period for transfer of your 50% house.

You should make a public appeal for the following forumers under this section for their input of ideas, comments or opinions.

1. Mr. notalawyer who is better than most lawyers on court cases and court procedures.

2. Mr. vpkc whose knowledge and ideas is very, very good and constructive.

3/ Encik Abu Ammar who has on-hands knowledge on Hire Purchase Laws and the monkeys tricks played by secondhand car dealers.

4/ Mr. gladt who has good knowledge on Laws of Contracts i.e. Hire Purchase contracts.

Please note that they may not be in town and could not answer your queries immediately.
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answered on Apr 7, 2015 at 14:45
by   murusvm
edited Aug 24, 2016 at 04:55
 
Noted. Mr. Jeff. Thank you very much for you kind advice.

I sincerely hope they will be able to provide me some info. I plan to hire a lawyer to file a civil suit again the Bank but finance is the crucial part for me now.

Hoping for miracle...
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answered on Apr 7, 2015 at 15:27
by   jeff005
edited Aug 23, 2016 at 05:14
 
Where bank can reject AKPK proposal
Yes.. this is bankruptcy proceedings.. advanced stage of litigation. Note this is the "2nd" court case. First time, they have already made you a Judgement Debtor. AKPK is only for current and active loans accounts.

Please answer the 2 questions I have asked. Thanks.
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answered on Apr 7, 2015 at 21:43
by   murusvm
edited Aug 23, 2016 at 05:14
 
@Jeff

1. When you surrender the car to Affin Bank, were there proper documentations? You can fight on this issue.
a) I have sent Affin Bank "Request for Volunteer repossession" letter.
b) From the reply letter from Affin Bank, they state that Affin Bank received the letter.
3) No itemized checklist available. The police investigation says that Affin Bank did not report any missing parts from the car.

2. Have you file a civil suit against that bank?
I would like to but finance is my constraint to hire a lawyer. Cost me about RM 6,000.
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answered on Apr 7, 2015 at 23:09
by   jeff005
edited Aug 23, 2016 at 05:14
 
The best way to both your issues is to visit the nearest Legal Aid Centre and ask for legal advice and legal representation if you qualify. Even if not, offer to pay (at subsidised rates). With the suit against the bank, your bankruptcy trial can be pushed down the road..
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answered on Apr 7, 2015 at 23:49
by   vkpc
It may be better to sell the house to a stranger and keep the money safe for a while.
Rent another house first.
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answered on Apr 8, 2015 at 13:52
by   murusvm
In the 2008, i had lost may job (department transfer to china)and I received VSS and I had started my own business. During our Malaysian bad economical time period, my business did not run as expected and I fall for the debut few 100 thousand. During this time 2009 my car had engine problem and I did not able to repair.

As the desperation, I had borrow some money from unlicensed money lander. After mush trouble with money lander harassment and bankruptcy process, I decided to sell-off the house to pay the money lander. Where me and my mom (50% share holder of the house) had big argument and my mom had hirer a lawyer to arrange the buy-off the house from me. She had a lawyer (whom know that I'm on the bankruptcy process)had process the sale of house.

The lawyer get the valuation from the valuation department and valued my house for MYR160 thousand and 50% of the share MYR80 thousand, paid to me with all the legal contract signed and the duty stamp paid, I use the money to pay off the money lander and other small patty loans. I had to move out of the house since I had lost my reputation. Money valued more then the blood relation, I guess. Anyway It's my fault.

Currently I'm living in a DBKL rent house in Kuala Lumpur. After an advice of a forummer here (jeff) I had informed my brother to check with the lawyer about this issues and according to the lawyer, he had ensure all had done legally (i'm not sure). Currently the house is owned by my mom, my brother and my sister.

Question is,
I would like to know if I can transfer the case from Melaka high court to KL high court since it is very troublesome for me to up and down every time.it is costly for me in this moment.

Kindly advice.

Muru
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