you can go ahead and purchase it, but at your own risk of course.

problem 1 - the documentation will be handled by a liquidator, not the developer. not sure how complete their records will be.

problem 2 - application of strata title is supposed to be done by the developer. purchasers may have to incur additional cost for this.

problem 3 - banks are generally reluctant to finance these properties. make sure you get financing in place before paying anytihng - or make sure your offer to purchase is subject to loan approval. generally cimb is the most lenient for these cases.

that is just off the top of my head. there could be more problems, so think carefully before purchasing.