Businessman Tan Sri Dr Ting Pek Khiing is a bankrupt and all his personal assets will now be vested with the director-general of insolvency.
This follows his decision last Friday to withdraw his application of not enforcing the bankruptcy order against him.
Ting, the former developer of the Bakun project via Ekran Bhd, was declared a bankrupt on October 28 2010 by the Kuala Lumpur High Court.
But he appealed against the bankruptcy notice on October 29 2010 and asked for a stay so that it will not be enforced.
"On Friday (November 12 2010), Ting withdrew his application for a stay of the adjudicating & receiving orders entered against him. A hearing date has yet to be fixed for his appeal against the adjudicating and receiving orders," said Southeast Asia Special Asset Management Bhd (Seasam) counsel Alan Gomez of Messrs Tommy Thomas.
When asked what was the bank's response to the stay of application and why it was withdrawn, Gomez merely said: "the affidavit had set out the several opportunities and extensions of time afforded to Ting to settle his debt, but despite that Ting had failed to do so".
What usually happens following such bankruptcy order is that the Insolvency Department has the responsibility to manage all the assets.
The Insolvency Department will then call for a meeting of his creditors who will be required to file their respective proof of debts.
The department will call for the first creditors' meeting where the person declared bankrupt would have to appear and provide a list of all his personal assets.
Ting's bankruptcy declaration follows a legal suit initiated in 2004 after he defaulted on a loan by Bank of Commerce Bhd. That loan was to part-finance his subscription of shares under Ekran's rights issue in 1997.
As at July 2005, Ting owed some RM60.79 million to the bank.
Last Monday, Business Times reported that Ting believed that he will be able to settle the debt given the time as monies were owed to him.
Ting had then said that should a stay not be granted, both his position and his ability to negotiate the amount due will be affected.
Moreover, if there is no stay, Ting had said he will not be able to run his business and firms under him. - by Vasantha Ganesan
Ting, the former developer of the Bakun project via Ekran Bhd, was declared a bankrupt on October 28 2010 by the Kuala Lumpur High Court.
But he appealed against the bankruptcy notice on October 29 2010 and asked for a stay so that it will not be enforced.
"On Friday (November 12 2010), Ting withdrew his application for a stay of the adjudicating & receiving orders entered against him. A hearing date has yet to be fixed for his appeal against the adjudicating and receiving orders," said Southeast Asia Special Asset Management Bhd (Seasam) counsel Alan Gomez of Messrs Tommy Thomas.
What usually happens following such bankruptcy order is that the Insolvency Department has the responsibility to manage all the assets.
The Insolvency Department will then call for a meeting of his creditors who will be required to file their respective proof of debts.
The department will call for the first creditors' meeting where the person declared bankrupt would have to appear and provide a list of all his personal assets.
Ting's bankruptcy declaration follows a legal suit initiated in 2004 after he defaulted on a loan by Bank of Commerce Bhd. That loan was to part-finance his subscription of shares under Ekran's rights issue in 1997.
As at July 2005, Ting owed some RM60.79 million to the bank.
Last Monday, Business Times reported that Ting believed that he will be able to settle the debt given the time as monies were owed to him.
Ting had then said that should a stay not be granted, both his position and his ability to negotiate the amount due will be affected.
Moreover, if there is no stay, Ting had said he will not be able to run his business and firms under him. - by Vasantha Ganesan
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