Construction companies going to tutup due to MCO
|
|
 Apr 8 2020, 01:50 PM
Return to original view | Post
#1
|
 
Junior Member
180 posts Joined: Mar 2020  
|
Do not bother sue lah, even if you succeed in trials, and get the court to rule in your favor, what are you going to do with one paper judgment?
Can you really enforce it against a bankrupted 2 dollar company? |
|
|
|
|
|
Apr 8 2020, 01:54 PM
Return to original view | Post
#2
|
|
Junior Member
180 posts Joined: Mar 2020
|
QUOTE(Eurobeater @ Apr 8 2020, 01:48 PM) Doesn't the contract have force majure clauses that protect the company from kena-ing the late payment charges? Yes, for those who bought units from developer, the Sale & Purchase agreement adopts standardized schedules as governed by our Housing Development Act.  There is already existing clause saying in the event of unforeseeable circumstances, the completion date shall be extended accordingly. So there wont be any LAD as far as the S&P is concerned. |
|
|
Apr 8 2020, 02:06 PM
Return to original view | Post
#3
|
|
Junior Member
180 posts Joined: Mar 2020
|
QUOTE(bearbearwong @ Apr 8 2020, 01:59 PM) nth to stop them to go liquidation, purchasers constantly paying interest sampai new company take over... If they go into liquidation, then the purchaser can just terminate the agreement, why wait for liquidator to take over if its going to take ages?and next questions is does moratorium applies to these uncompleted or nearly completed? yes? I guess it applies to all housing loan financing, but for those under construction project, you are servicing the loan on the progressive interest only, not the principal loan.. |
|
|
Apr 8 2020, 02:12 PM
Return to original view | Post
#4
|
|
Junior Member
180 posts Joined: Mar 2020
|
QUOTE(bearbearwong @ Apr 8 2020, 01:58 PM) now cant PAM semuanya arbitration/adjudication, masuk Court tendang... Yea construction related disputes have to be resolved by CIPAA, if they can meet each other halfway then no issues la. then registration kacau.. mostly subsidiary no money can close down.. but but can serve order to paymaster/main con/developers direct freeze account/monies related to pay off.. but must be fast... future make Direct sub con and PAM with directors personal guarantee macam tu ok.. but need Persatuan Arkitek punya consent and movement la... But freezing assets all these fall under Mareva Injunction, you can only file such applications in our courts of law. |
|
|
Apr 8 2020, 02:16 PM
Return to original view | Post
#5
|
|
Junior Member
180 posts Joined: Mar 2020
|
QUOTE(bearbearwong @ Apr 8 2020, 02:10 PM) hmm my view is... Not if you can prove that there is inactivity at the construction site for 6 months, then you can write in to your financier to have the loan facility cancelled. SPA-contract btw purchaser and developers/proprietors (2 parties or 1 ) Loan agreement-contract btw purchaser and financier cancelling SPA, means you need to disburse all payments to the banks .. otherwise, banks has no security leh.. my exp is that SPA and loan still goes on until new company come in and replace... so most likely cant cancelled the SPA... they will increase the price and sign new additional loans and finish it.. Of course they have the prerogative but if you managed to show cause, then the bank cannot withhold consent in approving your termination. Actually from what I observed, liquidators are usually friendly party of the previously bankrupted company, all left hand right hand do show laa |
|
|
Apr 8 2020, 02:28 PM
Return to original view | Post
#6
|
|
Junior Member
180 posts Joined: Mar 2020
|
QUOTE(bearbearwong @ Apr 8 2020, 02:21 PM) my view is apa u mau pon boleh... but the portions disbursed by banks towards your loan draw down macam mana? if u bayor dengan interest... maybe can..that is also subject o developers consent.. if everyone cancels.. then how? u cancel SPA means banks has no security... Ya indeed, in Malaysia, as long as you know how to pusing, really apa2 you mau pon x de hal.take Taman Desa collapsed project as example under constructions ... surely many purchaser want out, can they do? are the reasons solid enough? will developers object? if all allowed to cancel SPA, developers die? but but the developer/proprietor may say banks had given irrevocably powers to disburse the loan.. the purchaser's issue with the developers is of not a concern to the banks.. banks are merely financier... their duty is to disburse loans... Of course developer wont agree on termination, but if a purchaser can pay them liquidated damage for 10% of the purchase price, then they have to sign deed of termination with them. Banks can only release loan once all the pre-disbursement conditions are met, note: a valid subsisting Letter of undertaking issued by Developer is one of the conditions. |
| Change to: |  0.0220sec
 0.55
 6 queries
 GZIP Disabled
Time is now: 5th December 2025 - 05:39 PM |
Quote