Advertisement

Need advice: Bankruptcy Notice in Berita Harian For Hire Purchase Loan dated May 5th 2017

404 Views  ⚫  Asked 9 Months Ago
asked on May 8, 2017 at 16:51
by   enciksabri
Dear experts,

Need advice on how to solve this matter without bankruptcy.

The car in question is purchased under my younger brother's Enterprise company name in Jan 2013. Monthly Payment was on track before August 2016.

I was out of work in July 2016 under LIFO company policy after 6 months of working as the company was downsizing. Now is mainly an online seller (facebook mainly) and I have failed to secure any job after several interviews. I can't pay the car installment but was too reluctant to return the car as the lelong value will be very low and still have to pay the balance later, I have ask sometime from the bank to sell the car around end of february but still not sold yet. now the bank has advertised a bankruptcy notice in the newspaper to bankrupt my brother. 

My Brother business too is failing due to multiple reasons and he too is having difficulty with income as of now. he cant pay the bank to stop bankrupcy. He now is too broken down when he saw the notice in the paper (5/5/2017). another problem after another.  i felt that I have really caused a huge trouble to him on top of what he is dealing with right now, the way he talk to me after the anger was almost like he is already giving up on everything. i'm really afraid that he would do stupid things. he has 2 little daughters in sekolah rendah and are currently really struggling to stay affloat. 

I have contacted the bank and was adviced that the total settlement sum is RM61000 not inclusive of the bankruptcy withdrawal fees which will be adviced once full payment is made. I ask if i should deal with the court or insolvensi, the bank officer said no, not yet, that I still can deal with the bank and pay a minimum amount of RM6680 now. right now we dont have the money yet. I dont know where to borrow money right now but i'll find a way somehow.

The question is, 

1. I have read several thread in this site on bankruptcy and the info i got from the bank officer seems contradicting. based on the notice, there seems to be a case filed at shah alam high court. should i deal with the court or should i just deal with the bank as the officer said?

2. since the bankruptcy notice is out. should i go ahead and return the car? will the bankruptcy process continue if i return the car?

Please help as i need to solve this somehow. i dont know any way to help my brother right now. 

photo of the notice:



Regards 
sabri
 
0 had this question
Me Too
0 favorites
Favorite
[ share ]
17 Answers
 1   2   Next »  Last »

answered on May 8, 2017 at 17:01
by   jeff005
edited May 8, 2017 at 17:12
by   jeff005
@ sabri

I empathize with your situation, having drag your brother into this situation.

Here is the basic reply to your Q's...

 I ask if i should deal with the court or insolvensi, the bank officer said no, not yet, that I still can deal with the bank and pay a minimum amount of RM6680 now.
Dealing is with the bank only.

 since the bankruptcy notice is out. should i go ahead and return the car? will the bankruptcy process continue if i return the car? 
The bkcy proceedings will still continue even after the car is "surrendered". The only way is to pay the defaulted outstandings plus costs of this bkcy notice and they "may" withdraw. But if you cannot continue with the installments, the bank will still refile.

1. Go check at e-filing to see date of hearing (case management) of this 92NCC.
2. Calculate properly if you can still "maintain" this car.
1 found this helpful
Helpful

answered on May 8, 2017 at 17:14
by   enciksabri
Thank you jeff005,

just to confirm a bit, this means i dont have to worry about the notice even if there is the Case No. stated there right? I can continue to deal with the bank and try to sell the car asap?

Thanks in advance for any advice. 
0 found this helpful
Helpful

answered on May 8, 2017 at 17:19
by   jeff005
 this means i dont have to worry about the notice
Wrong.. You have to worry.
Just get date of hearing...
1 found this helpful
Helpful

answered on May 8, 2017 at 17:32
by   enciksabri


dear sir,

i see that the court date is April 6, but we only saw the notice on May 6, what should we do?
0 found this helpful
Helpful

answered on May 8, 2017 at 17:34
by   jeff005
edited May 8, 2017 at 17:48
by   jeff005
Go try get a copy of Berita Harian and see the advert.

Date of hearing should be there.

I am confused too. There are 3 case nos...

Go direct to Shah Alam Court to view whole case.
0 found this helpful
Helpful

answered on May 8, 2017 at 17:35
by   vkpc
2. since the bankruptcy notice is out. should i go ahead and return the car? will the bankruptcy process continue if i return the car?

There are many cases where after the car is returned, the bank does not sell the car or takes a long time to sell the car, but continue to bankrupt the hirer without selling the car.
1 found this helpful
Helpful

answered on May 8, 2017 at 17:53
by   jeff005
@ sabri

Use the 3 case nos and check one by one and see if it ALL gives the same result.
This Berita Harian advert (if any) is the Substituted Service and the last one.
0 found this helpful
Helpful

answered on May 8, 2017 at 17:55
by   enciksabri
Dear jeff005,

 I have check with my brother, his friend info that his name is in the newspaper (can't validate this info as of yet) and he also got an email from CTOS Identity Monitoring Notification, the first image I posted is from CTOS.

can i forward the email to you?
0 found this helpful
Helpful

answered on May 8, 2017 at 17:57
by   jeff005
Yes please.. forward to 

< bladirunner@gmail.com >

The funny thing is 3 case nos. 
0 found this helpful
Helpful

answered on May 8, 2017 at 17:59
by   enciksabri
This Berita Harian advert (if any) is the Substituted Service and the last one.
not sure if I understand this. does it means that this is the last option the bank should do.
0 found this helpful
Helpful


 1   2   Next »  Last »

Your Answer





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