The Secrets About Debt Recovery & Collection In Kuala Lumpur Malaysia
If you want to get your money back quick, read on.
The first half is recovery against a Company and the other part is when your debtor is NOT a Company.
WHAT IS THE FASTEST METHOD IN DEBT RECOVERY AGAINST A COMPANY?
File a companies winding up petition WITHOUT getting a judgment (going the long process of trial).
Filing a Companies Winding Up Petition against your debtors (who are a company, in Malaysia they are BERHAD, BHD, or a Private Limited Company, SENDIRIAN BERHAD, Sdn Bhd), is the fastest method of recovery.
What is the Alternative
The alternative will be a filing of a Writ of Summons to get a judgment then file a winding up petition AFTER getting a judgment.
HOW SOON: USUALY WITHIN 6 MONTHS
From our experience it takes about 6 months from the time we issue a letter of demand till the recovery of the debts.
WHY MUST I ACT NOW: WHY NOT LET OTHER CREDITORS START THE PROCESS FIRST
In this debt recovery game the sooner you start your recovery process the sooner you will be paid. The reason is simple, we have experienced a matter where there are about 60 creditors taking legal actions at the same time, only less than 5 received payment.
HOW & WHY- FREEZING OF ASSETS
Once we have filed a companies winding up petition against the debtors, we will usually proceed to take legal action to freeze the assets of the company, all these will take place within two months of filing the action in court, once that is achieved, when the winding up order is finally made, the monies in their bank accounts and the assets are intact for the Liquidator to collect and distribute to the creditors.
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MY DEBTOR IS NOT A COMPANY
SUMMARY JUDGMENT FOR THE INDIVIDUAL DEBTORS
In Malaysia, once a matter is filed in Court, generally it takes about a year for the matter to be concluded. For the various procedures in the Malaysian Court, click here. After the hearing, the Court may grant you a Judgment,
after getting a judgment, you need to execute the judgment.
To understand how to recover your debts you must understand the entire procedure in order to effectively collect your outstanding debts from the beginning till the time your debt is collected.
JUDGMENTS DO NOT EQUAL RECOVERY OF YOUR MONEY
After you have gone through the lengthy process of completing the entire proceedings (at times including a trial) and then getting a judgment against your debtors, it does not automatically means that the debtors will automatically pay the debts automatically.
You will have to commence execution proceedings such as a companies winding up petition (after judgment), Bankruptcy Petition or a Writ of Seizure and Sale.
There is faster way of obtaining a judgment rather than going for a trial, the process is called summary judgment and we have written an article please click on the article below.
HOW TO SEIZE THE ASSETS OF THE DEBTOR WITH A JUDGMENT
Frequently Asked Question: How can an unsecured creditor recover their debts?
The perception on this is that only bankers and secured creditors may recover their debts. This is generally true.
Can unsecured Creditors get paid ahead of the Bankers?
The short answer is YES, click here to read more. [maxbutton id=”3″]
How Do I Submit My Debt Recovery Query
WHO MOVED MY MONEY? Your debtors…
In one the following cases you will find that in FW V Suitech the Provisional Liquidator was appointed in November 2007 and the Company was wound up in January 2008 (see also Pay up or Wind Up) the whole process took about 3 months:
These are the brand new cases published in 2008 (reported Back to Back):
FW Industries v Suitech (the Original grounds written by the learned Judge Hishamudin, who was later elevated to the Court of Appeal and retired in the year 2015, [maxbutton id=”2″] published in the Current Law Journal:  3 CLJ 210
PECD V FREEHOLD (the original grounds written by the learned Judge, now Judge of the Court of Appeal Dato Vincent Ng, published in the Current Law Journal:
 3 CLJ 215
Visit Current Law Journal www.cljlaw.com to download a copy of the actual report. [maxbutton id=”3″]