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Bankruptcy Notice - Avengers Help!

1823 Views  ⚫  Asked 1 Year Ago
asked on Dec 17, 2016 at 05:15
by   Arielle
Dear all,

My husband just found out via a Ctos self-check that he has been issued a bankruptcy notice via advertisement in Straits Times. He no longer stays at the old address.

He owes Company A about RM50k.

Previously, he worked as a third party agent (logistics) for Company B but due to some misunderstanding, Company B refused to settle the amount owed to him, thus he is unable to pay to Company A.

Question is, what should my husband do now?

He intends to hire a lawyer to claim from Company B, but is worried about the cost and meanwhile, the pending bankruptcy proceedings against him.

What can he do to delay the bankruptcy proceedings? Should he contact the creditor's lawyer?
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answered on Dec 17, 2016 at 05:24
by   vkpc
He owes Company A about RM50k.
Heor his company owes RM50k to Company A?
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answered on Dec 17, 2016 at 05:24
by   vkpc
He or his company owes RM50k to Company A?
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answered on Dec 17, 2016 at 05:58
by   Arielle
edited Dec 17, 2016 at 06:26
by   Arielle
He was the sole proprietor of his own company.
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answered on Dec 17, 2016 at 09:26
by   Arielle
edited Dec 17, 2016 at 11:33
by   Arielle
Bad news.. I just tried to check the documents via e-filing online. Unable to extract any documents. Error message given was:
Unable to get response from client's upload component. Please check your EFS client's component installation. 

The documents present include, I suspect the final stages:

16)
Petisyen Pemiutang (Bankrapsi)

15/11/2016

17)
Afidavit (Bankrapsi)

15/11/2016

18)
Saman Dalam Kamar (Ex Parte) (Bankrapsi)
14/12/2016

19)
Afidavit (Bankrapsi)

14/12/2016

20)
Afidavit (Bankrapsi)

14/12/2016

21)
Afidavit Tambahan (Bankrapsi)

14/12/2016

22)
Deraf Perintah

14/12/2016

23)
Deraf Notis Iklan (Bankrapsi)

14/12/2016

Question: Is it too late to do anything now? Please help.

My husband's intention is to recover the debt owed by Company B to pay Company A. However he needs to hire a lawyer to do this. He didn't do it previously because he was unable to afford any lawyer fees (Company B refused to pay him in February 2014).

Another option is to apply for LA for his property under his name and deceased mother's name, sell it off to pay off the debt. But this will also take time. Actually he already just submitted the application at the Jabatan Tanah recently. But if he's made a bankrupt, he can't become an administrator anymore.

What can he do?
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answered on Dec 17, 2016 at 12:06
by   Arielle
edited Dec 17, 2016 at 12:27
by   Arielle
Just managed to access the documents online. Latest deraf notis iklan (bankrapsi) requires my husband to be present in court on January 9th, 2017. Should he attend and does his attendance matter in this case? Can he self-represent?

Can any sifus provide samples of notis he needs to file with the court for his attendance? Thank you so much.

What can he say or do when he attends court?
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answered on Dec 17, 2016 at 12:23
by   Arielle
edited Dec 17, 2016 at 12:25
by   Arielle
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answered on Dec 17, 2016 at 12:26
by   Arielle
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answered on Dec 17, 2016 at 14:08
by   vkpc
The original summons was in 2015, why now only you wake up?
Since the amount is only RM53K, your husband can borrow from friends or relatives to settle.
He need to do this before 9th Jan 2017.
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answered on Dec 17, 2016 at 15:14
by   notalawyer
Hi Arielle,

I need to tell you that normally the Avengers only help to fight against banks, not companies.
Take care.
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answered on Dec 17, 2016 at 15:49
by   jeff005
edited Dec 17, 2016 at 15:52
by   jeff005
@ Arielle

Not on Bkcy issue

He intends to hire a lawyer to claim from Company B, but is worried about the cost and meanwhile, the pending bankruptcy proceedings against him. 
It is probably too late at the juncture
Of course costs can be high, higher if the debtor fights it out. It can take years for a tough fight.
It is faster if the commercial suit is based on tangible goods
but if it is 3rd party (commissions basis) it is real tough, although not impossible.
And it is not a 100% win.

Another option is to apply for LA for his property under his name and deceased mother's name, sell it off to pay off the debt.
Did the deceased die Intestate ?
Have the deceased got other children?
Even with a LA, it may takes years for the property to be transfer.
And the property is free from any encumbrances.

The best option is to sit down with the the CREDITOR and make a composition to avoid this bankruptcy. The composition can be made in the court that you are willing to settle this CREDITOR by selling this property to made good the debt.
But you must show proof that this property is fully yours and any sale can cover the Judgement Debt.
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