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My shop, my bowl of rice for family

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asked on Jan 5, 2010 at 23:59
by   Eunice Lim
Dear Firefly/Notalawyer/Vkpc,

I had been go through more topic in this forum. Seems I'm not as pro in mind, but the least I could understand the ground of bankruptcy. I would really need your help in my scenario too. Please get spare of your time to do me a favor, is MOST appreciation from me.

I own a business (sole proprietor) of 'photocopy center' in town. It was not a big business but its still can afford me & my children as well. I had no employ any worker except my husband (actually no employment in between, but he is the one in major to run the business now) cause a lot of heavy job is beyond women capability.

The problem arised 2 years ago, my husband actually employed under a big company (public listed),but he was given unemployment since the economic crisis badly. He is jobless and assist me as full timer in my shop (but still, there in no employment in between now). He has burdened debts as credit card, personal loan etc at the time, in the beginning, he had no choice to get more cash from other personal loan to recover the previous loan. And now is beyond the control. Debts about 230k...how do we repay as we're only doing in 'photocopy center', everything earns count in cent but repayment count in thousand.

We did seek for AKPK help but is refused due we don't have sufficient funds to repay as well after the deduction of family affairs.
Therefore, my husband had decided to declare bankrupt. My concern is;

1) Will my business being affected? Will IJM closed & take my company to auction the asset?(photostate machine, laminate machine etc...). Since I  did heard from friend that since the company is open after our marriage (3 years ago), the IJM is right to recover it.
2) If will affected as said above, what can I do to save my shop? (is aint't only the shop, but a bowl of rice for family now)
3) If not being affected, my husband still can assist in shop? (without the employment contract)
4) Will creditor or IJM send some spy to my shop & discover my husband was actually helping in my business? (at the beginning of this shop, my husband did 'sponsor' a small funds to me, but through cash)

Thanks and hope to hear from you soon. Thanks again.
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answered on Jan 6, 2010 at 01:55
by   notalawyer
1. Your fren was wrong. As long as your husband is not a partner, shareholder or director of the photostat company, your shop is untouchable.
2. Your husband can work as an employee in your shop.  It is totally legal.  But he should not sign any cheques, invoice, POs or sit in the manager's room. You must give him an offer letter, pay him a fixed salary and contribute to his EPF as a staff.
3. Helping people is not illegal.

Take care of your family.
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answered on Jan 6, 2010 at 06:20
by   Eunice Lim
thanks you notalawyer, for your kindest and valuable replies. Additional to my queries;

1) I have a joint account with my husband, but is purely for our personal account & not belonging to company account. I'll plan to closed it, it is ok? Will IJM consider that we're going to hide something from their discovery? In additional, that's account is null now. Why I plan to closed it down is because of my company's account was in the same bank. I affraid that the bank will transfer my company's fund & take over my joint account.

2) My husband has a car & yet to full settlement. We did chk with bank, still can get back some cash if we sell it now. If my husband sell the car, what's the best way to keep the cash? Can just deposit it to my personal or company account?

Thanks
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answered on Jan 6, 2010 at 13:42
by   notalawyer
1) I have a joint account with my husband, I plan to closed it, it is ok? Will JIM consider that we're going to hide something from their discovery?
No need to close. Just withdraw almost all the cash.
The reason for this is that sometimes JIM or the bank missed out freezing joint accounts so your husband may still get to use it in the future.
There is nothing to hide.  You need the money to pay the kid's school fees, buy rice etc.

2) My husband has a car & yet to full settlement. We did check with bank, still can get back some cash if we sell it now. If my husband sell the car, what's the best way to keep the cash? Can just deposit it to my personal or company account?
Make sure the car is sold to a stranger, not a relative or it will be taken back.
To be safe, don't deposit the cheque directly to your account.
Withdraw cash and deposit cash to both company and your personal account.
Make sure your husband is not partner or shareholder of your company.

An aside, maybe your husband should contest any bank summons that comes so he could buy time.
If he fights intelligently, he might get 5-10 years freedom, enough time for your kids to grow up and take over businesses.
Read the thread on "Representing yourself in Court to Fight Banks" on page 3.

Good Luck.
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answered on Jan 6, 2010 at 16:31
by   Eunice Lim
Dear Notalawyer,

Yes, I did go through 'representing yourself'. It was really shock me that we should have the 'right' by contesting the bank. I will print it out & discuss with my hubby. But we sure need a guidance if we do so, hope you can help as the time might come.

By the way, can I sell my car to my brother but through the car automative company? The pricing is fair to market value. As I did chk with my fren whose doing car automative company, we actually sell the car to its company 1st & my bro is right for buying the car from them after then. Does it sound 'fair & legal transaction' and IJM will not considered to taken the car back?
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answered on Jan 6, 2010 at 16:38
by   Eunice Lim
Dear Notalawyer,

I did go through topic 'selling my car' which posted by Christine. As advises by Firefly, it should no problem that we can sell the car to sis & bro because we actually is the 'hirer' & bank was the 'owner' when the settlement yet to fully paid.

What do you think, sir?

Hope you have a nice day..
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answered on Jan 6, 2010 at 17:34
by   notalawyer
Firefly is right, especially if the sale price is at market value and the payment is made by cheque.
But to be absolutely safe, selling to strangers is the best.

Firefly, TakeTheMon, vkpc, notapro, peter, me and others will guide you.
But you must promise to help others.
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answered on Jan 7, 2010 at 02:25
by   Eunice Lim
Dear Notalawyer,

I'll keep promise to share everything & help each other when needs.

Notice that we have to file of defence, file of appearance etc after the hearing section. What does it mean? Does it mean that we need to file all these before the next hearing?

Thanks if you can share more with me....
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answered on Jan 7, 2010 at 03:03
by   notalawyer
Notice that we have to file of defence, file of appearance etc after the hearing section. What does it mean? Does it mean that we need to file all these before the next hearing?
Things start after you have received a summons.
Have you received any summons to go to court?
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answered on Jan 7, 2010 at 03:28
by   Eunice Lim
Dear sir,

Haven't since we're now still repay for the debts. Will stop to repay immediately, as you said, I should kept it for my child sake. I get these from other topic. Be so wonder what is all about, the least, I can get myself prepare..
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answered on Jan 7, 2010 at 04:09
by   notalawyer
Don't worry so much. Take your time to read.
Maybe the bank won't summon you.
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