FAQ

You ask, we answer... Frequently asked questions.

Corporate Recovery

Who is a liquidator?

Who is a liquidator?

A liquidator is an officer appointed by the High Court or the Creditors of the Company to realise all available assets of the Company and distribute proceeds received from assets realisation after deducting cost of liquidation and any remaining surplis to remaining contributories to Creditors whose Proof of Debts have been admitted.
Being an officer of the Court or agent of the Company (appointed by the Creditors), the liquidator is empowered to act on all matters on behalf of the Company.

What should I do if I have claims against the Company?

What should I do if I have claims against the Company?

You are required to submit to the liquidator, a Proof of Debt form (“POD form”) together with the relevant supporting documents duly certified as true copies by an Advocate and Solicitor. The POD form can be downloaded from here.

What is a POD?

What is a POD?

A POD is a statutory form to be lodged with the liquidator by any party whom has claims against the Company which is in liquidation.

What is Certified True Copy (“CTC”) and who can certify my documents?

What is Certified True Copy (“CTC”) and who can certify my documents?

A certified true copy is a copy of an original document that has on it an endorsement that it is a true copy of the original document and all documents are to be certified only by an Advocate and Solicitor.

Project Rehabilitation

What is the Liquidators task in abandon project?

What is the Liquidators task in abandon project?

In the case of abandoned project(s), Liquidator will undertake to revive the project subject to availability of funding.

Why is the Verification of Ownership (VOE) necessary in abandoned projects?

Why is the Verification of Ownership (VOE) necessary in abandoned projects?

To identify purchasers with beneficiary interest in the project.

Who can certify the documents?

Who can certify the documents?

The documents can be certified by Advocates and Solicitors only.

Why do the documents need to be certified true copy?

Why do the documents need to be certified true copy?

To prove the authenticity of the copy of the document.

When will your company commence the rehabilitation work?

When will your company commence the rehabilitation work?

Rehabilitation work will commence upon purchasers agree to terms of rehabilitation and availability of funds.

Do we need to sign a new S&P to commence the rehabilitation?

Do we need to sign a new S&P to commence the rehabilitation?

No. Liquidator will step into the shoes of the developer and resume the construction according to Sales and Purchase Agreement.

Is it possible for me to send all my documents by regular Postage or Courier?

Is it possible for me to send all my documents by regular Postage or Courier?

Documents are to be sent by registered post or courier only.

Conveyancing

What is conveyancing?

What is conveyancing?

Conveyancing refers to all legal administrative activities associated with transfer of legal title from one party to another.

In Malaysia, Conveyancing activities are usually performed by a professional such as an Advocate and Solicitor. A Purchaser may do the process on his/her own accord, however it is best to leave the job to the experts since it can be time-consuming and risky if one lacks the necessary expertise.

A Purchaser must ensure that he or she has good title to the land; i.e , that the Seller is the owner, has the right to sell the Property and there is no factor which would impede any future sale transaction.

The system of conveyancing is designed to ensure that the Purchaser secures title to the land annexed with all the rights that runs concurrently with the Land and is notified of any restriction in advance of purchase. This process is to facilitate a system of land registration which is designed to encourage reliance on public records and assure Purchasers of land that they are taking good title.

Why do I need to attend to the Perfection of Transfer?

Why do I need to attend to the Perfection of Transfer?

Strata Title Act 1985 Section 40A

(1) Any original proprietor or any person or body appointed by a court of competent jurisdiction shall execute the transfer of strata titles to the parcel proprietors within twelve months from the date of issue of strata titles by the Land Administrator or any extended period approved by the Director upon the opening of the strata register.

(2) Any purchaser shall execute complete documents of transfer of strata titles within twelve months or any extended period approved by the Director from the date of notice of transfer of strata titles issued by the original proprietor or from the date of purchase of the parcel, whichever is the later.

(3)Any original proprietor or any person or body appointed by a court of competent jurisdiction or any purchaser who fails to comply with subsection (1) or (2) shall be guilty of an offence and shall, on conviction, be liable to a fine of not less than one thousand ringgit and not more than ten thousand ringgit per parcel.

(4) As you can see from the above, the Purchaser and also the original proprietor (developer or land owner) shall be guilty of an offence liable to fines of RM1,000.00 to RM10,000 per parcel (if convicted) if the transfers are not executed within the stipulated period. This is reason enough for owners to quickly execute the transfer once they have received the notice of the issuance of strata titles from the developer.

What are my other options, if I have lost the official receipts or Loan Agreement, Deed of Assignment and Deed of Receipt and Reassignment in order for me to show proof of my ownership?

What are my other options, if I have lost the official receipts or Loan Agreement, Deed of Assignment and Deed of Receipt and Reassignment in order for me to show proof of my ownership?

We shall advise the Purchasers and/or Solicitors upon perusing the documentation furnished to us of the following:-

i) To place an advertisement in 3 different daily newspaper in order to ensure that no other purchaser/owner is claiming right for the property;

ii) To obtain a court order declaring that the purchaser is the rightful owner of the property. The above options are subject always to our consent.

Can the documents be certified true copy by Commissioner of Oaths?

Can the documents be certified true copy by Commissioner of Oaths?

No. Documents submitted to RIMBUN should only be certified as true copy by an Advocate and Solicitor.

What is our administrative fee?

What is our administrative fee?

1% of the prevailing sale and purchase agreement price / proclamation of sale / loan amount (not inclusive of 6% service tax) or RM1,060.00 (inclusive of 6% service tax) whichever is higher

How long is the duration for extraction of the strata title from the land office upon registration?

How long is the duration for extraction of the strata title from the land office upon registration?

Approximately 6-8 months (subject always to change by the Land Office).

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