Comments on: Ram Tumuluri: until last February, there was a charge under Canadian law against all his known assets

By: Dave

Dave — Wed, 02 Nov 2016 07:54:00 +0000

A general one is. Then there’s a special hypothec that’s specific to an asset. So a home loan is normally secured by a special hypothec on the house and more often than not a general hypothec too.

In this case, it seems that he, his wife and some related companies acted as guarantors for a debt due by another related company to All Island Equity Mortgage Investment Corp.

By: Rosanne B

Rosanne B — Wed, 02 Nov 2016 07:41:00 +0000

Sewwa jghid Simon Busuttil meta jghid li dan il-gvern Laburista tilef kull awtorita’ morali biex jiggverna. Kif tridu jiggverna sewwa meta dan il-gvern Laburista qed jghum f’dan il-hmieg u korruzzjoni kollha?

By: jonny

jonny — Wed, 02 Nov 2016 06:44:00 +0000

Imma kemm intom ‘bitter’. Issa jispjegalna kollox Bedingfield fuq dan l-Indjan.

By: Daphne Caruana Galizia

Daphne Caruana Galizia — Tue, 01 Nov 2016 23:21:00 +0000

In reply to Dave. No. Hypothecs are specific and linked to particular assets. They are not all-encompassing.

By: Angus Black

Angus Black — Tue, 01 Nov 2016 22:59:00 +0000

The way I read the PPRS [PPSA elsewhere], Ram Tumuluri gave his personal assets as security for loan or loans. PP = Personal Property and assets must be owned by the debtor to be eligible as security and registration under the PPRS.

He owned various companies which at the time contained enough assets to secure such loan or loans. The shareholders do not figure at all in this transaction.

As a matter of fact any shareholder(s) were left holding an empty bag when Ram Tumuluri and his companies went under. The same applies to Sonya Tumuluri and her companies.

Maltese laws do not enter into this situation at all. None of the bankrupt companies was registered in Malta.
Malta has its own way of doing business with corrupt businessmen, and bankruptcies in other jurisdictions do not appear to bother the powers to be much.

By: Dave

Dave — Tue, 01 Nov 2016 22:49:00 +0000

This is the equivalent of a Maltese general hypothec not a garnishee order.

By: Brian Sinclair

Brian Sinclair — Tue, 01 Nov 2016 20:39:00 +0000

The filth has become unbearable.

By: Catharsis

Catharsis — Tue, 01 Nov 2016 19:33:00 +0000

Why does this pattern sound familiar for some reason?

By: Winnie Alfrida Vella

Winnie Alfrida Vella — Tue, 01 Nov 2016 17:22:00 +0000

In reply to r pace bonello. No, they don't agree but they don't care.

By: Angus Black

Angus Black — Tue, 01 Nov 2016 17:16:00 +0000

Technically PPSRs [PPSA] do not elapse until debts secured by assets under lien are discharged by the creditor(s).
If a PPSA elapses [not renewed in time], the creditor may still apply for a ‘late renewal’ if the creditor can prove that the debt(s) are still outstanding.

Therefore another search should be done and unless a ‘Discharge of Chattels & Other Securities’ is registered, doubt still exists whether the initial liens are still in effect.