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What it mean about CTOS report?

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asked on Jul 21, 2021 at 23:00
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What it mean in my free ctos report, i am subject as defendent for proclamation of sale under deed of assignment? I directly call the bank want to ask also they ignore me few days liao. Holiday also bank should work right.
i call the solicitor number in the ctos report also never hear back yet.
is that mean they proceeding bankrupt?
how to stop this so stress
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answered on Jul 21, 2021 at 23:39
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edited Jul 22, 2021 at 00:45
by   jeff005
@ Randy S

defendent for proclamation of sale under deed of assignment? 

It merely means that you are an assignor of a deed of assignment by the giving away the rights of "ownership" (usually for landed property) in simple terms.

is that mean they proceeding bankrupt?
NO.. it is still far from any bankruptcy yet.
But can be if the shortfall is more than RM100K after any lelong /auction of the said property. 

how to stop this so stress?
Simple.. just pay bank the defaults of the loan (if any) or nego for a restructuring of the loan (if any).
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answered on Jul 22, 2021 at 00:32
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the shortfall actually more than 100k. They also didnt send email all this time dont know what and when actually happen to auction. No written email saying here your shortfall amount...
How long is usually the case after auction then they proceed with bankrupt case?
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answered on Jul 22, 2021 at 01:06
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edited Jul 22, 2021 at 01:09
by   jeff005
They also didnt send email all this time
proclamation of sale (Court Order) must be hand served /or send to the last registered address with the bank, to the borrower of the loan.
Emails are not legal notifications, dun be silly.

No written email saying here your shortfall amount...
There is no need to, the borrower can go for court auction docs extraction himself/herself if the bank failed to inform the borrower.

then they proceed with bankrupt case?

1st - Demand letter to borrower to make good the any shortfall.

2nd - File lawsuit to make borrower as a Judgement Debtor.

3rd - File Notis of Bankruptcy on the Judgment Debt to the borrower if it exceeds 100K (currently) if there is inadequate response from the debtor.

4th - File for Creditors Petition for Bankruptcy.

1-4 above may take 12-18 months due to the Pandemic period also depends on the policies of individual banks.

Quotes :

call the bank
call the solicitor

The bank would have try contacting the debtor / borrower tens of times without getting a response. I see no good reason why should they respond to your calls now. !! Go personally to the bank to check or go for docs extraction from the courts.

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