Urgent, dishonest businessman

848 Views  ⚫  Asked 8 Years Ago
asked on Jun 6, 2014 at 03:31
Dear all professional,

Please help me. I am only running a small business (sole proprietor). Five year ago i met with a dishonest businessman (a managing director of Sdn Bhd). At the beginning he give me business and paying on time. After i trust him, he place huge order and ignore to pay.

From my understanding, he doing the same trick to other supplier. What we(me and his other creditor) can do is always chase him to pay and his just ignore us.

Coincidence i know one of his staff and get some internal news. He doing false document to support application for large amount of bank loan and the loan is approved two year ago.

We file winding up petition to the company hoping that he will pay us. But now he react with moving out all the asset, cash and machinery to the new location, new Sdn Bhd which is not under his name.

We can't do anything. Seem likely he will let the company wind up. My banker friend toll me since he have huge loan with bank, he must be director guarantor to the company and pledge property to bank. The process of petition for winding up take few month. He is moving and selling his asset before hearing date of judge. 

As a unsecure creditor, i likely to get nothing in the end.
Dear all, please help me, what i can do now to recover the debt. Stopping him from running away from his responsibility.

I am in debt because of this dishonest person. I still need to pay my supplier by installment.

Appreciates and thank you in advance for advice.

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2 Answers

answered on Jun 7, 2014 at 01:09
If the machinery or property belongs to the company, the court appointed liquidator when winding up the company can take back those assets.
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answered on Jun 7, 2014 at 02:40
Dear vkpc/ all,

Thank you very much for your replied. Yes we know the new location for the machinery. Our concern is how if he sold the asset to stranger (who is innocent if the liquidator take back those assets). Will the case be complicate involving new buyer who know nothing about winding up and bankruptcy to the director soon. Is insolvency department just can't do anything if it sold to stranger.

Again thank you.
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