Advertisement

Business loan runs into bad debts with bank

294 Views  ⚫  Asked 1 Year Ago
asked on Nov 7, 2016 at 21:19
by   lowlk
Dear Lawyerment,
Need your advice on my case.
My company is a partnership (my husband and I).
Have 2 business loans with banks total around 300K.
Company financial difficulty, can't managed to pay.
Registered AKPK for our credit cards debts. 
Business loan reschedule rejected by banks.
No choice but to find agents help.
Agent help to apply SDRS (small debts solution scheme)  from Bank Negara.
At first it was rejected due to my company close. So agents help to resubmit using my other Sdn Bhd company as backup.
Start to received letter from bank A lawyer demand to court early this month.
Agent said no need to attend court so I never attend.
I need some advice. 
1) What will happen after this as I didn't show up in court few days ago.
2) Agent said will get the SDRS approve to settle bank but I'm worried things might get worse before it approve.
3) What should I do before runs to bankruptcy? 
I have a Sdn Bhd company with my husband with good income recently. I don't hope to go bankruptcy.
Thank you!
0 had this question
Me Too
0 favorites
Favorite
[ share ]
1 Answers

answered on Nov 7, 2016 at 23:24
by   jeff005
Q's

1. How much you are paying for this SDRS to the agent?

2. (Agent said no need to attend court so I never attend)
     Bad Advice

3. (What will happen after this as I didn't show up in court few days ago)
    You could have been made a Judgement Debtor for that debt.
    What is that amount?
    Post a copy of the letter here for us to study through.

4. (Agent said will get the SDRS approve to settle bank)
    If you have been made a JD as in (3) above, do you think you can get any more bank loans?
    Moreover if you have registered with AKPK, it is documented at BNM.
    For sure some form of blacklisting there.

5. (What should I do before runs to bankruptcy?)
    Consolidate your financial resources from now onwards.

6. Why only you get letter? Your husband?

Post a copy of the letter from the bank lawyer for better understanding.
0 found this helpful
Helpful

Your Answer





By posting your answer, you agree to the privacy policy, cookie policy and terms of service.