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.
REVIEWS OF OUR CLIENTS
Recovery After Winding Up And Recovery Just Before Debtors Going South
清盘之后的债务追讨以及在债务人财务状态恶化前的债务追讨 Many lawyers can recover a debt for you. 许多律师可以为您追收债务 But how many can recover very substantial sums…Discount Annul Discharge then Pay Later
I was one of the three guarantors. The creditor took action and I became a bankrupt. Totally lost,…Full Settlement from a Company that was Wound Up
1 We were trading with one of the world’s top healthcare product manufacturers and the outstanding debts from…Got a Nice Discount then Annulment Discharged from Bankruptcy
I am a Malaysian working overseas for a number of years now. Some time back while I was…Mr Chang the Debtor Whisperer to Make Him Pay
“English Version” “债务人语者”张先生成功让债务人偿还债务 Magic Words and Personal Attention Got Us Our Money in Lightning Speed魔术语和关注个人使我们以闪电般的速度得到偿还 One of our…Meticulous Work Spectacular Result
“English Version” Meticulous Work Spectacular Result细活出非凡成果 They are meticulous and their results are spectacular他们一丝不苟，结果令人瞩目 Lawyers there are many…A Happy Bankruptcy Discharge Story
I would like to thank you Messrs Alex Chang & Co for helping me to extract a letter…A quick resolution to my Bankruptcy Annulment
I have been plagued by an oversight which made me a bankrupt sometime ago. Before I came to…
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.
How Do I Submit My Debt Recovery Query
Please click here for the guideline or checklist OR If you would like to submit a Debt Recovery Query Form directly to us.
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,
published in the Current Law Journal: [2008] 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:
[2008] 3 CLJ 215
Visit Current Law Journal www.cljlaw.com to download a copy of the actual report.
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