Social Guarantor Cannot be Made a Bankrupt In New Amendment
Social can no longer be made a bankrupt under the new Bankruptcy (now Insolvency) Act. The bill was passed in March 2017 by the Malaysian Parliament but the implementation date of the Act has not been fixed.
“social guarantor” means a person who provides, not for the purpose of making profit, thefollowing guarantees: (a) a guarantee for a loan, scholarship or grant for educational or research purposes; (b) a guarantee for a hire-purchase transaction of a vehicle for personal or non-business use; and (c) a guarantee for a housing loan transaction solely for personal dwelling;
Automatic Discharge In the New Insolvency Act 2016
The Insolvency Act which is the new name of the Bankruptcy Act 1967, introduced a new section, where a bankrupt shall be discharged from bankruptcy after three years from the date of the submission of his statement of affairs;
subject to the condition that the bankrupt has achieved the target contribution determined by the Director General of Insolvency, objection by creditors and the bankrupt’s compliance with the requirement to render an account of moneys and property.
3 main ways bankruptcy is terminated:
(a) Making an application in court at any time for the bankruptcy order to be annulled on grounds
ie debt has been paid in full or that he ought not to be made a bankrupt on some technical
(b) Making an application in court at any time for a court discharge.
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Documents Required for Discharge of Bankruptcy:
- Statement of Claim, Judgment; These documents are required to find out who has made the debtor a bankrupt and under what circumstances;
- Bankruptcy Orders: Receiving Order and Adjudicating Order (Perintah Penerimaan dan Perintah Penghukuman), this is the “Bankruptcy Order”;
- List of creditors, if any, this list will determine how many creditors are there to be paid;
- Age; health condition (medical report if you have any);
- History of payment(s) to Official Assignee (Pegawai Pemegang Harta);
Costs for Discharge of Bankruptcy
A bankrupt may apply for the order made against him be discharged or annulled.
Whether it is discharged or annulled will depend on the circumstances. In most case you need to find out who are the creditors who have filed the proof of debts against the Bankrupt. A negotiation with the Creditors may be necessary.
Costs for the settlement with the creditors will depend on the number of creditors and amount involved.
Getting a discharge will be dependent on how much work is needed to be done.
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If you would like to find out about getting a Discharge as a Bankrupt please fill up this form