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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 23, 2015 at 02:35
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How to argue when already been made a Judgement Debtor for so many years??
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answered on Apr 23, 2015 at 02:52
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Don't know man. Details still sketchy. Answers based on the given scenario.
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answered on Apr 23, 2015 at 03:31
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edited Aug 24, 2016 at 07:36
 
What I meant is..

The Judgement debt is there for sure. There are so many loopholes (not in his favor) and at this end stage of bankruptcy proceedings. A civil lawsuit MAY reduce the quantum, but still have to pay back to the bank. And the quantum (value) awarded can be small, not enough to get below the RM30,000 mark. To employ the services of a lawyer costs RM6,000 upfront and more if both sides "fight". The Judge may order both side to bear
its own costs.

Might as well use the lawyers money to reduce the bank debt. It is evident that Muru is not independent enough to self represent and can be slaughtered by the bank lawyer during oral submissions. 1 month is not enough to prepare him for this complicated case (to me it is).

Hence my "how to argue"?

As one @1818 posted, if the bank does not accept a new proposal submitted in court, let the bank bankrupt la and see how much they (bank) can get from Jabatan Insolvensi Malaysia (JIM)... If a person really do not have the funds to fork out full settlement at this point of time what can be done? Based on the contents of the above, no way can the case be transfer to KL..

Muru should take a holistic approach to this predicament. And make his own judgement call.. Life can be rebuilt after more than 5 years case management at JIM.
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answered on Apr 23, 2015 at 03:35
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edited Aug 24, 2016 at 07:34
 
@Murusk

The house you sold.. is the housing loan with the same bank?
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answered on Apr 23, 2015 at 04:27
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edited Aug 24, 2016 at 07:34
 
Bro @Abu Ammar

Just realised you were basing on hire purchase opinions and I was basing on bankruptcy opinions.. Hahahaaaa..

See the beauty of the influx of constructive info.. the power of constructive opinions from the school of hard knocks..
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answered on Apr 23, 2015 at 15:07
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edited Aug 24, 2016 at 07:32
 
@Jeff
The house you sold.. is the housing loan with the same bank?
Ans: Yes, the house loan under the same bank.

@ALL Forumers.

Last Tuesday I had few call to AKPK consultant and the Bank AKPK coordinator. To check was when wrong until the lawyer claimed bank reject my AKPK proposal which in my case the 21days to reply my proposal had another 12 days more. Which I'm waiting for the reply.

I was made 1 hour bankrupt when the bank lawyer said my AKPK proposal was rejected by bank. How is possible when AKPK Consultant and Bank AKPK Coordinator did not aware of the rejection.

Only after my argument to them on Tuesday, the AKPK Consultant called me and informed me that yesterday (Wednesday) the bank has officially replied my proposal to AKPK Consultant, which is "rejected" and counter proposal with "Pay RM30,000 as initial payment and balance pay monthly until cleared. Dateline for initial payment is 30-4-2015".

I clearly indicated that bank wanted to bankrupt me ASAP. It could be 2 reasons,
1. The bank wants to put STOP on me.
2. The bank wants to "bankrupt" me ASAP. So that I would loss my right to file the case against them.

My Questions:
1. For the bankruptcy case, Let say..... I had found my "magic lamp" to pay the initial and start pay the monthly.
Do I have the right to sue the bank on the ground of mismanagement of my action car? Just the mismanagement of the car action and part missing was wrong?

2. If I cancel the AKPK and do direct deal with the bank and pay up all the amount as the bank claimed. Do I have the right to sue the bank later on the ground of the mismanagement of my car?

Kindly advise.
My dateline is 30-4-2015. 5 days countdown.
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answered on Apr 23, 2015 at 15:52
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edited Aug 24, 2016 at 07:30
 
mismanagement of my car
Correction it should be "the" car not your car. You are just the HIRER not the OWNER. You have read on all the HP Laws, all the parts? Then you have read it without proper understanding of your basic legal rights.

Do I have the right to sue the bank on the ground of mismanagement of my action car? Just the mismanagement of the car action and part missing was wrong?
You have every right to initiate a lawsuit, whether it can be successful or not is another matter. And the quantum awarded can justified the litigation costs. My personal opinion is that leaving it at the workshop for 6 months without proactive actions is gross negligence already on your part. Recall I wrote earlier that you MAY have make new contradictions in your postings, this is one of it and others, I just do not want to be too blunt.

And if you have made a "deal" with the bank and then later decides to sue the bank, ask the court whether your lawsuit can be easily thrown out? Russia made a deal not to attack Ukraine but supply arms to the rebels to overthrow that regime, can Ukraine be successful in a International Tribunal Court and be awarded appropriate "costs"?

What is your "magic lamp" and whether it is workable and acceptable by the bank. It is 100% workable if it is 100% FULL SETTLEMENT (plus costs of this bankruptcy proceedings).

The house you sold.. is the housing loan with the same bank?
Ans: Yes, the house loan under the same bank

Just as I suspected, most of the current bankruptcy cases are when a Judgement Debtor disposes properties within the last 2 years. They assumed you still have the CASH stashed up.. and is forcing a bankruptcy to make you pay. If really cannot pay just inform the presiding Judge "I have no choice but to be bankrupted", in a nice manner..

counter proposal with "Pay 30,000 as initial payment and balance pay monthly until cleared. Dateline for initial payment is 30-4-2015".
You can make a counter proposal to that counter proposal which you can fulfill within your means..

I clearly indicated that bank wanted to bankruptcy me ASAP. It could be 2 reasons,
1. The bank wanted to put STOP on me.
2. The bank wanted to "bankruptcy" me ASAP. So that I would loss my right to filed the case against them
Dangerously wrong "assumption". Clear your mind and think and assess their actions in a holistic way.. It also shows you have not understand enough about debts recovery by financial institutions.
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answered on Apr 23, 2015 at 16:52
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If you sue by self representing, you will lose because your case is too complex to handle.
If you sue using a lawyer, you will also lose because lawyers don't have time to study and manage such complex cases unless you pay them RM 100k.
When you lose, you will end up owing more money to the bank.
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answered on Apr 23, 2015 at 17:03
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edited Aug 24, 2016 at 06:55
 
@All Forumers

Thank you for your feedback. Now, I need some time to digest and decide the situation Practically and holistically.
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