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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
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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 20, 2015 at 15:35
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edited Aug 24, 2016 at 05:59
 
I am very disappointed with the Laws that are governing us now on Debts Recovery.

I stand by what I have stated..

" Some People have been made Bankrupt for no good reasons..  PAST & PRESENT "

PERIOD!!!!
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answered on Apr 20, 2015 at 16:39
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edited Aug 24, 2016 at 06:02
 
Breaking News..

Muru just got his "Judgement" overturned and next "hearing" deferred 1 month Later!  Phew..!!

@Muru

Do post your ordeal in the High Court minute by minute about what transpired between you and all those horrible lawyers of all races in that complex for ALL of us here to learn. Note have you extracted all the past relevant docs at the courthouse at the same time..

It is just your luck that my handphone is on just now....
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answered on Apr 20, 2015 at 16:40
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Oh no!
How was he made a bankrupt without his knowledge?
Did he know there was a bankruptcy proceeding?
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answered on Apr 21, 2015 at 20:27
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edited Aug 24, 2016 at 06:16
 
@All Forumers

As Jeff wrote, I'm officially "1 hour Bankrupt Person". I have my worst nightmare of my life yesterday. I would like to share my moment as an 1 hour bankruptcy person and the moment of any panicking and freak-out. At the end what is the "Lesson Learn" at the end of the incident.

2nd hearing @ di kamar Timbalan Pendaftar, Mahkamah Tinggi Melaka.
1. I was late by 15 minutes for the court due to my car problem.

2. 8.45am, I on the way to the mahkamah. I tried to call the "Judgement Creditor", Lawyer firm to info them that I'm on the way, bit late. All those phones are ringing but nobody pick them up.

3. 9.30am I enter to the "Pejabat / Kaunter Mahkamah Tinggi", I met to the lawyer at the entrance door, I told her "Sorry, I am late shall we go?" She said, "I got the order already you are late." I said, "Okay, then when is the hearing in the front of judge?" She said, "There is no hearing, you are official bankrupted."

I got panic and I have no words to say, I know I'm ready to be a bankrupt but not that soon (not without fight). 1st person on my mind "Jeff", I called him, he told me to meet the "Timbalan Pendaftar" to make my self-presented today and try to put my argument

Lot of think append then while waiting to meet Timbalan Pendaftar, I have called and checked with another 3 lawyers for opinion. I do not want to share with her for some reasons. I will tell the whole story when we meet you guys in the meeting.

At the end, we met Timbalan Pendaftar and I put my reasoning and the miracle happened. She said, "Saya bagi 1 bulan lagi, ini terakhir untuk awak membuat bayaran."

The bank lawyer was arguing like hell, she asked the Timbalan Pendaftar, "Puan macam mana dengan printah/order. Saya dah pun beritahu client (bank) yang case in dapat order "bankruptcy".

Timbalan Pendaftar, just answered the lawyer with 1 sentence, "tarik balik order". This time my mind got freak out again (this time, like I got my life back), and I have asked the Timbalan Pendaftar few silly questions. She (Puan) smiled only without answering my question. This part let me share with you all during meeting.

End of the day, what are the "lessons learned from this incident"
1. If you have court case, make sure you write down the mahkamah or court telephone number. Anything call them.
2. Don’t listen to anyone. You can taken for a ride on advice or info. You need to go all out to find out yourself from the source.
3. For bankruptcy case there is no “notis kehadiran”.
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answered on Apr 21, 2015 at 20:55
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Earlier you said that there was a fraud ( cheating ) case where your repossessed car had air-con and other parts become missing.

Now you say that the bank actually "tarik" your car from workshop when many parts are still lying about on the floor.

So most probably there is no fraud on the part of the bank now.

If there is no fraud, suing the bank may not be a good idea.
If there is no fraud, it will be difficult now to block the bankruptcy proceeding.
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answered on Apr 21, 2015 at 21:25
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edited Aug 24, 2016 at 06:15
 
@vkpc

Earlier you said that there was a fraud ( cheating ) case where your repossessed car had air-con and other parts become missing.
Anw: Yes those parts, gearbox, computer box missing.

Now you say that the bank actually "tarik" your car from workshop when many parts are still lying about on the floor.
Anw: This car had engine overheat, sent for repair, engine dismantled but did not fix because have no money to repair. I stored or kept those engine parts in side the car during handover to bank personal.

Gear box computer box and air condition were untouched but bank claimed missing.
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answered on Apr 21, 2015 at 21:57
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edited Aug 24, 2016 at 06:31
 
2. Don’t listen to anyone. You can taken for a ride on advice or info.
Then why you call me..?? I could only hear 50% of your conversation. You panicked. Some lawyers there say there is no way you can change your status and ask you to go home. That is is why I may have "shouted" at you and said, "Don't listen to any lawyers and just go see the registrar when you have not...". No sorry, I got worked up too...

This part let me share with you all during meeting.
Please do not gate crash this particular meeting. There will be other further meetings. We have 3 old men attending and may not take kindly to certain antics. Sorry to be direct.

Your Case.. personal opinions
1. Your next hearing, you will have to prepare a "repayment schedule" based on your gainful employment. No matter how, you have been adjudged a Judgement Debtor. If your lawsuit can be successful, it would reduced the debt to below RM30,000 and still you would have to make submissions on how you are going to make good your debt. In other words, a commitment/"committal order" to repay. So you have to plan for this from now onward. Do not delay till the last minute again. AKPK maybe able to step in to help you now with longer repayments and lower interests.. You are not scot-free.

2. Never, never be late at any court hearings anymore. Camp outside the court perimeter from previous night! 15 minutes late is LATE. Taking a 15 sen chocolate bar from a hypermarket without paying is shoplifting and can be fined thousands of ringgit plus jail term. Imagine the feelings of a BANKRUPT (even for 60 minutes) just for minutes late..?? Do not stretch your luck too far. You have been lucky to find this forum, so be vigilant from now onward.

Thank you for sharing ALL the info which is very helpful. It also indicates that if a Judgment in Default (JID), Bankrupt Order has been issued that very morning... IT CAN BE "TARIK BALIK" even by the issuing REGISTRAR if you are present (with valid reasons). That is why I instructed you to meet the Registrar and/or prove your presence in court premises, maybe parking tickets, just find something...
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answered on Apr 21, 2015 at 22:07
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edited Aug 24, 2016 at 06:33
 
You MAY have just make new contradictions in your new posting of [21 Apr, 2015 16:25].. Be very careful of what you say or write especially in court and facing the opposite lawyer. They catch you word for word, line by line..

It is very dangerous for you to self represent for your "complicated" case unless you burn the midnight oil every night from now onward. This is my personal ADVICE...
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answered on Apr 22, 2015 at 00:50
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Could it be the workshop removed the gearbox when they dismantled the engine?
After all, the gearbox is connected to the engine.

Can you get a workshop mechanic to agree to testify in Court that the gearbox, computer and air-con were intact in the car at the time when it was repossessed by the bank?
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answered on Apr 22, 2015 at 02:11
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edited Aug 24, 2016 at 06:35
 
@ Abu Ammar

Under Hire Purchase Law and 'tarik' regulations, the repossession has to been done in the presence of the Hirer/Driver or "second driver" as stated in the insurance policy. They can't 'tarik' a parked vehicle without the owner/driver around, am I on the right track?

In KL, there are syndicates that just paste a red/yellow paper on the car wind screen and 'tarik' it away. They are actually car thieves..
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