Comments on: What Do You Know About Bankruptcy?

By: winnie

winnie — Sat, 24 Dec 2011 17:43:52 +0000

is there a search site to check bankruptcy records in malaysia to check if someone is bankrupt or has been or just to check their financial stability?

By: miss cy

miss cy — Sun, 20 Nov 2011 09:52:23 +0000

is it really one who r below 30 can become bankrupt due to using credit card?

By: Raymond Tan

Raymond Tan — Wed, 16 Nov 2011 17:20:23 +0000

Hi, just wanna know, if the assets (house) is put under two names, one of the name is about to get bankrupcy, what will happen to the house…

Rgds..

By: bob

bob — Tue, 04 Oct 2011 04:53:30 +0000

when a layer representing a Bank has presented a “Bancruptcy Notice” to the newspaper, what will be their next step? How long will it be before the person be decralced bacrupt?

By: andy eam

andy eam — Wed, 22 Jun 2011 13:51:30 +0000

HI,I have a 100k bank debt,
if they took action for me bankrupcty.
when it can bankrupcty, how many years bankrupcty??
malaysia law bankrupcty?

I know already 30k debt suppliers may bankrupcty.
I have 110k debt suppliers
Another all under 25K.
if bankrupcty son take the time for how long?

By: Vincent

Vincent — Tue, 31 May 2011 04:45:34 +0000

My brother in law owing several bank personal loan amounted to around 300k. Now he unable to repay the loan and if he is declared bankrupcy will my sister also involved. Please advice

By: Yee

Yee — Wed, 09 Mar 2011 05:08:49 +0000

Hi, I’m married to a divorced man, and he’s actually owed his ex-wife amounted to RM80,000 of the compensation due to divorcing ( he accumulated these amount because he was very sick and need money for medical fees in Singapore). But he managed to pay him back some and left RM55,000 now. As far as I konw, she called to ask for my husband to pay the balance (RM55,000), or else he will sue my husband. In fact she did so in year 2008, my husband got a letter from a lawyer firm. However, after discussion, she agreed that he pay her back in few period of time.
Now, she want the full amount back immediately. As knowing that the sum involved for bankruptcy is RM30,000, can my husband pay her back RM30,000 first and left RM25,000? Will it unable for her to sue my husband?
Another question, husband still paying him Rm2,500 every month as agreed during divorce. As I just got married to him about 3 years ago, can my husband waive this amount every month? RM2,500 is too high for him as he is now at the age of 50.
I would like to have your comment on this. Thank you.

By: Christian

Christian — Thu, 24 Feb 2011 06:27:20 +0000

Bankruptcy dread seem to be the dread of any young entrepreneur doing businesses.

In Malaysia, politic and corruption failed any businesses as easily as bad market planning. The risk of being PUNISHED by bankruptcy out weight gain or contribution to the economy

What Malaysian Government good at is making new laws to safe guard, those in power to stay in power and the few powerful and wealthy few to continuing milking the public

However little is being done to enable the bright, intelligence and entrepreneur Malaysia to advance the country through calculated risk, endeavor and confidence

To this alone, Malaysia is locked in a limbo, where. The rich and powerful will always remain unchallenge and bright, intelligence and young Malaysian will have to leave to give themselves a fair chance

RNDING, THE MALAYSIAN GOVERNMENT, NEM, GTP AN NKEA ARE ANYTHING A TOTAL WASTE OF THE HUNDRED OF MILLIONS ALREADY SPENT AND THE BILLIONS GOING TO BE SPENT.

UNLESS THE SMART, INTELLIGENCE AND DILIGENT YOUNG OF THE COUNTRY CAN TAKE A STAKE IN THE COUNTRY THROUGH REASONABLE CALCULATED RISK, WAYS OF COMING BACK FROM FAILURE AND THR OVERNMENT START HAVING PEOPLE IN GOVERNMENT AND CIVIL SERVICES WHO CAN RESPOND TO THE CHANGING ECONOMIC AND SOCIAL ENVIROMENT, THIS COUNTRY AS IT IS NOW CAN ONLY SIT BACK AND ENVY IT’S NEIGHBOURS INCREASING VIBRANT AND PROSPERITY. WHAT TO STOP THIS ENVY FROM BEING TURNED INTO MIGRATING

THE BN GOVERNMENT BY IT’S VERY POLICIES, INERT AND KNOW NOT IS THE VERY BASICS OF MALAYSIA LACKING IN PROGRESS. EVEN THE SO CALL ECONOMIC AND GOVERNMENT TRANSFORMATION SUFFERING THE SAME FATE AS THE PEOPLE PROSPERITY.

SO EITHER A MIRACLE HAPPEN IN MALAYSIA OR THE BN GOVERNMENT COLLAPSES, MALAYSIA IS RETARDING

THE BANKRUPTCY LAWS FOR ONE IS SO ANTIQUATED, IMPRISONING MIND AND BODIES OF 160,000 intelligence Malaysian and nobody reading to do anything, what else can anybody do for Malaysia in Malaysia. It is not the Bankrupted that are living in Limbo, IS IT NOT RIGHT IN THIS INSTANT TO SAY, THE WHOLE OF MAKAYSIA IS BANKRUPTED AND LIVING IN LIMBO, JUST BECAUSE THE SAME FEW IN BN GOVERNMENT, KNOW KNOW BETTER THAN THEIR OWN POSITION AND POCKET

By: bala

bala — Sun, 19 Dec 2010 06:49:53 +0000

i have been paying the minimum amount 50 rm for the past 12 years for my credit card balance.My card was cancelled more than 10 years ago.Does our law allow the credit company to claim minimum payment for lifetime

By: Martha

Martha — Fri, 26 Nov 2010 03:10:10 +0000

Dear Sir,

Can bankruptcy proceedings be lodged against 3 defendants together for a total amount of RM50,000.00, or will the sum be divided into 3 parts, which will only be RM16,000.00 per a defendant, far under the RM30,000.00 to be declared made a bankrupt.

By: Netmask8

Netmask8 — Mon, 27 Sep 2010 04:32:01 +0000

Greetings & G’Day,

Limited liability for a Sdn Bhd company( share capital/ issue).

For Sole Proprietorship and Partnership, it has unlimited liability and creditors
might use court order to make you responsible and full setttlement for the outstanding debts.

http://en.wikipedia.org/wiki/Corporation

Have a great day.

By: MEREDICTH

MEREDICTH — Mon, 27 Sep 2010 02:36:17 +0000

hi,
if i own a Sdn BHd company and gone bankrupt, is there any impact on myself??
or the bankruptcy law will only chase after the company??
Thanks

By: KELVIN TAN

KELVIN TAN — Mon, 30 Aug 2010 05:41:46 +0000

DEAR SIR….

A few years ago my girlfriend used my named to gat an installment loan from courts mammoth and after we broke up she stop paying them.I even heard that courts sent a few ppl to take back the furniture from her house.I recently received a letter from a law firm saying i must pay up RM4500.00.what happen if i just let it be or what is your best advise on this…thanks..

By: rashidi ahmad

rashidi ahmad — Tue, 10 Aug 2010 14:07:16 +0000

dear dg insolvenvy malaysia,
i am a garantor for my friend for more than 10 years and the payment for his business is withheld by RTM RM527,000 and the bank still make him bankrupt eventhough the money is still in RTM and i stood garentor for him for RM500,000.the bank is AMANAH FACTOR SDN BHD made him bangrupt eventhough he have deliver the services,sorry to say malaysia is for the rich can buy justice since this is highcourt case i have to pay RM5000 just for the filing not include lawyers fee.just imaging with me 48yrs with with 7 kids and wife not working.were is the justice for the poor,
no house,no cars no nothing
if i be a robber ?who to blame?

By: John Soon

John Soon — Tue, 10 Aug 2010 05:43:43 +0000

My friend owes about RM8,000.00 to a credit card company and has not settled it for over the past 10 years. Firstly, for this small amount, would he be considered a bankrupt? Secondly, will the bank charge him interest when he is able to settle the amount later? Thirdly, if the amount is not settled yet, can he get his passport renewed if he intends to go to Thailand later?

By: CLARENCE MATHEW

CLARENCE MATHEW — Mon, 02 Aug 2010 15:10:43 +0000

Bankruptcy is basically meant to assist the debtor to freeze his asset and sell the asset by DGI to satisty the creditors demand but unfortunately in malaysia the system been abused by the capitalist bankers and a convenient way for lawyers to demand money due without goin thru debtors summon in court why he cant pay. Of course there are genuine bankrupt’s who deserve that but many are made banrupt as a mean of punishment and those poor fellows are deprived of their civil liberties as enshrined in our constitution. Bar council and judiciary is guilty in this Genocide of Insolvency on naive citizens…our bankruptcy law is based on the 19th century english law but in england a bankrupt can be discharged after a year as the bankers and creditors are not given the liberty to punish debtors for the rest of his life…malaysian jurist have not given any useful contribution and wonder what are our MP’s elected in our Parliament have done???

By: ms chong

ms chong — Tue, 25 May 2010 04:13:23 +0000

Dear KC,

My dad was owning few banks’ credit card outstanding more than RM 150k. I would like to buy over his house which still balance RM 120k to pay to the bank. Is it possible for me to buy the house and apply the house loan under my name? What happen if my dad been sued for bankruptcy after few months later and is it will affect the house?

Thanks

Ms Chong

By: sparks

sparks — Tue, 18 May 2010 12:58:23 +0000

I am in the same boat. My mom was a guarantor for my uncle’s business, and was made bankrupt since the 90s. We have been pursuing the OA’s office for several years now and even offered a fraction of the debt as settlement. I don’t know if it is the inefficiencies of our system but the progress is extremely slow. The OA is to inform us a court date but gave us some reasons (or excuses) that he/she doesn’t go to the court anymore so cannot follow up, instead ask us to directly follow up with the court (?!!).

Our last resort if this doesn’t get anywhere, is to get approval from the DGI for her travel, well, if the OA doesn’t take years to act on our application.

By: Daniel Chang

Daniel Chang — Mon, 03 May 2010 02:16:57 +0000

Dear KC,

My mom was made bankrupt since 1983, she was a guarantor for my dad business, after so many years How can I confirm her status and how can I help her to be release as a bankruptcies. She have no personal income – all her expenses is been borne by the children.

My intention is bring her for travelling to visit my sister in Australia.

By: My Marketplace

My Marketplace — Mon, 08 Mar 2010 14:00:43 +0000

I think this article is very recommended for every malaysian for reading.
We all heard about bankruptsy, but don’t know all the details.
Thanks for this…