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Can Creditor Take My Mountain Bike

247 Views  ⚫  Asked 2 Years Ago
asked on Oct 15, 2015 at 23:10
by   Biker
Hi Forum, I have some credit cards that out standing already more than 30k. I like to know if i have a mountain bike that worth about 5k ringgit. Can the creditor take it ?????  If yes then i will consider to sell it. Please give some advise. Thanks a lot!
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9 Answers

answered on Oct 16, 2015 at 01:21
by   Biker
Why no body answer my question ?
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answered on Oct 16, 2015 at 01:59
by   Slave
Your question is quite simple bro Briker. That is why nobody reply. The NK will issue first to high court for PP. BANKRUPTCY process. If you sell all items before Insolvency Officer attend to your house,nothing happen bro. Creditor will not disturb you once you adjudged bankrupted.
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answered on Oct 16, 2015 at 04:31
by   jeff005
@ Biker

To carry out a WSS on your personal assets, the creditor bank have to first establish a lawsuit on you for the debt and be awarded the status of "Judgement Creditor". For the amounts owing by you, the bank may or may not start a costly lawsuit. They would rather pass your case to debts collection agencies.

Anyway they have to prove that the mountain bike belongs to you which is quite difficult to prove at times unless the mountain bike has a "registration Card" like motor vehicles/bikes. It is also very easy to leave the bike at fellow bikers. Do continue to enjoy your biking activities.
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answered on Oct 16, 2015 at 15:00
by   Slave
Jeff....not Judgement Creditor but Judgement Debtor. Thanks
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answered on Oct 16, 2015 at 15:36
by   jeff005
@ Slave

the creditor bank have to first establish a lawsuit on you for the debt and be awarded the status of "Judgement Creditor".

Oh Dear.. My manglish is real bad??. I shall go back to school.. Tq..

the creditor bank have to first establish a lawsuit .... and be awarded the status of "Judgement Creditor"
I was refering to the Bank, not "Biker". Soori if my manglish is so bad and distorted. Thank you very much for your re-education of ME. I shall be more careful next time. Vice Versa.

Your question is quite simple bro Briker. That is why nobody reply
New readers who doesn't know about laws should not post? And you have assumed that other forumers do not post replies becuz of simple questions. Not everybody is on this forum 24 hours daily nor access this forum everyday except YOU. So, please do not post unkind remarks on behalf of others. Sounds as though you own Lawyerment.

The NK will issue first to high court for PP. BANKRUPTCY process
Has the bank initiate a bankruptcy proceedings against "Biker"?
He asked just 1 important question to him
Why so many assumptions?
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answered on Oct 16, 2015 at 16:24
by   Biker
1.) Yes, they already issue the summon letter to me and i also dind't attend the court. So is this mean I been awarded the status of "Judgement Creditor" ???

2.) Will i get any notification about the WSS before they take the action on me ??

3.) What is personal asset ?? Mountain bike include or not ????
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answered on Oct 16, 2015 at 16:43
by   jeff005
@ Biker
Jawapan to your questions.

1/ If there is a judgement made in court on that day, the Creditor Bank can be made a "Judgement Creditor". The bank debtor is then a "Judgement Debtor". Go check with CTOS to verify the status of that "summons".

2/ Yes, you will served a notice as required by Law.
Go to these 2 websites to learn more on WSS. The explanations there is quite informative and detailed.

.. https://www.facebook.com/ceritahutang" target="_blank" rel="nofollow">https://www.facebook.com/ceritahutang

.. http://www.ceritahutangbankdananda.com/index.php/2014/08/14/proses-tindakan-undang-undang-pinjaman-peribadipersendirian-bahagian-3/

3/ Personal Assets do include household belongings like TV, Refrigerator, Home theater system, washing machine, sofa (except beds) and "fixed assets". If you can prove that it does not belong to you, they cannot WSS.

WSS is seldom done on Individual unless the banks can verify the things inside your house is YOURS. WSS is more often, successfully done on Registered Companies Premises.
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answered on Oct 17, 2015 at 01:54
by   Biker
@ JeffOO5 and forumers

If my registered company address registered under my residential place, can they proceed the WSS on my house ?? If yes, then what should i do, re - registered the company address to a new place or cancel my company license as soon as possible ???

For your information, the house i'm living is under my parent name. Thanks for your advise again.
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answered on Oct 17, 2015 at 11:54
by   jeff005
@ Biker

Pls chk yr mailbox. Have just replied you.
However it is based on personal opinion.
Do wait for other forumers for other opinions before embarking on your next course of action.
I am sori not to have post the opinions here on your case, as there is a pack of wolves who would not hesitate to correct my language(Manglish/Inglish) and resorted to names calling on me.
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