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Settlement of bankruptcy

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asked on May 4, 2017 at 03:19
by   Thomas josh
Dear respected sir / mdm

First of all would like to thank this forum as many of my answers has been answered.

Let me explain my bankruptcy
I was made bankrupt on oct 2015 by a private company for not paying credit. Even though I did not owe them, still I have been bankrupt due to my partner use my name but regardless of what happen I have met them to resolve recently and they have agreed for me to pay 50% of the amount due with the rest they will kejar my ex partner for it. 

Right now I have debt as per follows
Ptptn = rm24k
Hire purchase rhb= 25k (18 months left) paid 66 months
The company = rm27k

My problem is that I have never defaulted in my hire purchase loan all these months therefore the bank did not tarik the car and this morning after discussin with credit department they say no demand letter has been issued to them as me not to trigger it just continue loan.

I have money to pay all the loans and dues. But when I call insolvency officer who attend my case, she is requesting me to stop paying the car and must tarik Even though I have NOT attended interview at insolvency and at the same time bank says dont trigger.

I hope there is someone here who can tell me what I can do. Now I have obtained letter from ptptn and the company but the hire purchase is my biggest issue. I have reas cases here where even after paying to insolvency the money was not paid to the respective department for months.
1. Can and will the bank agree to let me pay big amount but not clear loan so that they wont have to tarik the car?

2. Can and will the bank issue me a letter to say they do not wish to tarik the car and therefore allowing me to continue the loan

3. How long it takes for me to be discharge and what is the procedure to be discharge IF it is my part to get it discharged after the payment.

I am ao tired of being a bankrupt I have everything but nothing under my name and worst still I have factory overseas that has been operating since oct 2015 and I came back to malaysia in april 2016 that is needing me now for a big project in dubai.

Hope anyone can help me with answers
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answered on May 10, 2017 at 20:55
by   Thomas josh
edited May 10, 2017 at 20:56
by   Thomas josh


Hi all,

got the letter from main creditor who sued me bankrupt but i am not sure if the letter is up to standard can anyone please let me know if it is good or bad, 

in the original judgement since my company has 2 person me and my partner, both was declared bankrupt. the total POD from court that i have obtained have 2, 1 is RM4x,xxx and another is RM5x,xxx. 

please advice dear friends if the letter is ok or need to change it to make it stronger>??? if so is there any reference that you can provide me to follow. my interview with insolvency is on sunday this coming week. btw my MDI is kedah branch.

@jeff005
@vkpc
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answered on May 11, 2017 at 06:21
by   Thomas josh
Sorry for mentioning about POD without clearly stating.
the total amount kebankrapan was 51,xxx 

all i need to know now is if the letter is good or need to be revised.
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answered on May 11, 2017 at 19:27
by   SiewLing
If JIM accepts this letter, it will be good enough.

What about the other P.O.D. debt of 40K++
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answered on May 12, 2017 at 03:10
by   Thomas josh
my bad, the total P.O.D is only RM42,xxx from surat penyataan mahkamah that i obtained through e-filing via a stupid lawyer who ate my money rm3000 promising to annul my bankruptcy. 1 year gone. 
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answered on May 12, 2017 at 03:23
by   Thomas josh
Hi all,

i have spoken on the phone with OA and she asked me to bring the letter above but a modified version that includes full debt, no. kebankrapan, defendantx2 lain involved and that the company agrees for a full and final settlement of RM26k nett. 

The company has of course agreed, which reason i do not wish to disclose. so my first meeting is on this coming Sunday, i will sign my SOA, and same day or next will make full payment of the Rm26k + (percentage of insolvency) + RM3750 (act bckpy charges). 

she told me since neither ptptn or rhb HP has filed for POD, she will immediately submit to high court to see if the other 2 creditors suddenly object, if they dont then she said green light, if they object then i must clear their full amount as well.

if any info above is not accurate please correct me
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answered on May 12, 2017 at 04:07
by   jeff005
edited May 12, 2017 at 04:10
by   jeff005
 stupid lawyer who ate my money rm3000 promising to annul my bankruptcy
Another Lawyer who can promise the Moon and the Stars?
Luckily you didn't get the one who tell you that Camels can fly at night on full moon across the Sahara Desert..!!

Note.. NOT all lawyers are like tat one lo.. 
They are still good ones too but dying breed..
No money No talk
No money No honey
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answered on May 12, 2017 at 19:56
by   Thomas josh
edited May 12, 2017 at 19:57
by   Thomas josh
Just got this updated offer letter which is drafted according to the specification conveyed to me by phone by the OA.

please have a look and maybe it will be useful for any of you. the sifus here have informed that the creditor must give full and final settlement discount for all names (defendent) (who were bankrupted together on same case) before even any one can be discharged. please take note on that!!!

sunday is my appoinment, and monday will be paying the full amount + insolvency charges.

if anything not accurate please inform me so that i can amend.
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answered on May 15, 2017 at 05:15
by   thomas Josh
Hi all,

Was present today at insolvency kedah. Have signed my SOA (statement of acts) and submitted all required document and etc. Was told to make full payment which I agreed to do so tomorrow because bank not open today in kedah.

So the OA is saying right after payment she will wartakan to allow other creditors time of 21 working days to file for POD. 

She said ask me to file for SDK (saman dalam kamar) right after payment and extend the tarikh perbicaraan to exactly 22 workinf days from tomorrow.

Any one knows any good lawyer in kedah? Or if lets say I want to do the SDK by myself, does anyone have reference on how I should do it? 

@jeff005
@vkpc
And all other sifu. Please help need your advice. 

She said if the other 2 creditor, PTPTN n RHB HP doesnt file for POD then I can be discharged by court and thereafter she ask me nego with the bank and ptptn to settle or continue payment after discharge. Really confused, so many complicated procedures. I have the full money to discharge all of my debts even if they did not file for POD but it will cause delay right if suddenlt they file for POD or objection to the warta? 

Please help me, ipromise after I get discharged I will explain step by step so that others can be benefited from my experience. 
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answered on May 15, 2017 at 11:30
by   vkpc
You can do the Summons In Chambers yourself to save lawyer costs.
Forumer Kunta-kinta is in Alor Star, he can help you to the filing.
Post your summons in chambers and supporting affidavit here for checking.
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answered on May 17, 2017 at 21:52
by   Thomas josh
Sorry for late reply. Please find the attached photo

Below is my email to RHB legal department as my H/P account frozen already, my mistake because i informed them last few weeks ago. But they told me they will look into it on how to not file for P.O.D if it is confirmed that i will be discharged soon as my account has no dues till today. only due payment for may tmr.

Dear Sir / Mdm,
 
Please find the attachment, of full settlement offer letter from the creditor and the full payment made to insolvency.
I had to resize the images, if needed be i will bring the original copy for your verification sir.
 
For your kind attention, i was not aware that i was made a bankrupt until last month because i was mostly in overseas, which i have called in and inform your collection department after i found out about it, that explains why there was payment made from the month of bankrupt up till last month.
 
I do not mind to make a full settlement if RHB require me to do so, if RHB can wait for +-(2 months) for my discharge, it would be less hassle for both of us, as my Official Assignee has confirmed that if RHB object against my discharge, the process will be longer and it involved RHB paying back to insolvency all the payment i made to RHB and then they will recalculate with new Proof of Debt (P.O.D) from RHB and i have to make payment. This would easily take time between 2 - 4 months.
 
For your kind attention again, i was only made bankrupt by a single creditor, and i only have hutang bercagar with RHB and hutang tanpa cagaran with PTPTN. If you need me to submit my CCRIS and CTOS report, i will kindly make arrangement for it.
 
I respect any action that RHB chooses to undertake against me as a creditor, but would appreciate if RHB can inform me early so that i know which way i should i take. 
 
Thank you Sir,

 
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