Notes of Meeting between KL Bar Conveyancing Committee and Legal Department of Malaysia Insolvency Department on 03.06.2010
Notes of Meeting between KL Bar Conveyancing Committee and Legal Department of Malaysia Insolvency Department on 03.06.2010 @ 3.00pm at the MdI Putrajaya
Nurul Muhaniza Binti Hanafi
Sri Rahayu Binti Mohamad
Notes of Meeting
Issues raised by the KL Bar Conveyancing Practice Committee (CyPC) on private liquidators:
1.0 Admin Fees by Private Liquidators
Currently the private liquidators had charged admin fees ranging from 2% to 8% from the Purchase Price. These fees have direct impact to the vendors and banks.
MdI have no enforcement power over the Private Liquidators. CyPC suggested enforcement by way of enhancing the power of the Housing Minister. MdI will look into the matter.
2.0 Standard Admin Fee
CyPC suggested a standard admin fee for Private Liquidators be imposed by MdI. CyPC suggested the amount to be RM500.
MdI tentatively agreed on the standard fee but will rather wait for the court’s decision on an ongoing case between the OA and the private liquidator.
3.0 Winding up Companies/Developers
There were many circumstances where companies/developers can easily declared they went bankrupt and voluntarily wind up their companies to escape their obligations.
CyPC suggested MdI enforced a 2 weeks ‘cooling period’ to enable the public to contest the winding up.
MdI agreed on the suggestion and will raise the matter up to the higher level.
4.0 Follow-up meeting
MdI thanked CyPC for apprising the MdI of the current issues on the private liquidators. Both MdI and CyPC agreed to have another meeting to further discuss the above matters in detail.
Nurul Muhaniza binti Hanafi
Conveyancing Practice Committee