AKPK, debt issue, anyone got a question to ask them?
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 May 24 2020, 04:07 PM
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#1
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Junior Member
73 posts Joined: Apr 2011 
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Hi, hope u all can advice on matter below, thanks
Scenario is like this 1. My uncle is akpk but still serving akpk loan 2. Can he transfer his house (fully settle) theough MOT to his children? Insolvency will trace & pull back? 3. He planning to do MOT transfer his fully settled property to his children and go bankruptcy Pls give me some advice as it is really urgent. Thanks again |
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May 26 2020, 01:17 AM
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#2
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Junior Member
73 posts Joined: Apr 2011
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QUOTE(MNet @ May 24 2020, 07:01 PM) u can see to his children Sorry i dont get itjust pay some lawyer fee  Could u explain it further |
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May 26 2020, 01:21 AM
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#3
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Junior Member
73 posts Joined: Apr 2011
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QUOTE(GreenSamurai @ May 24 2020, 06:42 PM) Sure he can do it but he will need to wait a few years before he can declare bankruptcy else the transfer will be voided since the court will know your uncle purposely transfer the property to avoid getting liquidated. Lawyer advice 1. Through S&P bank loan sell the house to his childres. As bank hold the title it is safer. Use 10 years to pay back the loan repayment 2. 2nd propert will sell it to his cousin and his cousin will power attorney to his children I am not sure if the lawyer has given the best way to do so All shifu pls share ur advice. Thanks |
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May 29 2020, 03:09 AM
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#4
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Junior Member
73 posts Joined: Apr 2011
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QUOTE(airtawarian @ May 26 2020, 02:03 PM) Do not transfer they can trace the property and Make him pay For the Judgment sum 1. Can he sell to his son - his son will get bank loan to buy the prooerty?Sell to Third party would be safer. From there He got money to pay to dgi. If He try to avoid the dgi can have the Means to detect on the rpgt being Paid by him He not yet bankruptcy, planning to go for it in another year, if he is still fail to sell his property to cover up the bank loan. |
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Jun 5 2020, 02:21 PM
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#5
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Junior Member
73 posts Joined: Apr 2011
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QUOTE(airtawarian @ Jun 4 2020, 12:39 PM) If He sold, definitely he has the money to pay the judgment sum. If no payment, they still can trace your asset and inform the court to retrieve back the property. The thing is what he sold is not enough to cover his bank loan outstandings. If he sold everything and transfer the money, after 1 year declare bankruptcy, his peoperty still will kena retrieve? |
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