Category: Bankruptcy

Discharge of Bankruptcy at the Discretion of DGI S33A and 33B Insolvency Act and Case Study

Louisa Chang

The Act in brief [1]
S33A of Insolvency Act confers the power of discharge of bankrupt to Director
General of Insolvency (DGI). The section says that as the DGI may, in his
discretion but subject to section 33B, issue a certificate discharging a
bankrupt from bankruptcy after five years of the adjudgment of bankruptcy
order. [2]
A notice of his intention to issue the certificate should be Read More…

Bankruptcy and Your Existing Car Housing Loan

Alex Chang

中文版 Very often we get this question:  I am a bankrupt and I am servicing an existing car/ housing loan, the bank did not repossess the car/ foreclose on the house,   shall I continue to service the car/ housing loan? If a person is made bankrupt in the year 2016 and the car/ housing loan has been running since 2015 for 5 years, the catch is that once you have finished servicing thRead More…

Discharge of Bankruptcy for Malaysian Working Overseas

Alex Chang

Versi Bahasa 中文版 If you have recently found out that you have been adjudged a bankrupt these are the facts you must be aware of: 1  You may have difficulties renewing your PASSPORT when it expires; 2  You can instruct us to handle your discharge while you are overseas, if you wish to fully settle your debts (click here to find out more),  we can help you to preRead More…

Bankruptcy Discharge passport go anywhere anytime Full Settlement Creditor

Bankruptcy Discharge Full Settlement Creditor

CHOW2 Comments on Bankruptcy Discharge Full Settlement Creditor

Bankruptcy Discharge of Full Settlement Creditor
Versi Bahasa Malaysia
中文版
If you wish to obtain a Discharge from Bankruptcy after Payment in Full to the Judgment Creditors.
You need to1 Obtain a letter of full and final settlement from the Judgment Creditors who “made you bankrupt”. Please do NOT proceed to make payment unless you have performed all the steps;
2 Negotiate for a lesser sRead More…

7 Tips on Bankruptcy in Malaysia

CHOW149 Comments on 7 Tips on Bankruptcy in Malaysia

How Do I get out of a Bankruptcy via Discharge or Annulment?
Let our 30-years of experience, end your bankruptcy misery. See our happily discharged clients Other satisfied experiences Annulment Discharge
How bankruptcy is terminated
Some innocent folks, trusted the wrong people and were unwittingly made bankrupt. Some folks’ businesses went south and were made bankrupt. These are the paths Read More…

Documents Required for Discharge of Bankruptcy

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Documents Required for Discharge of Bankruptcy:
中文版 Versi Bahasa Malaysia Statement of Claim, Judgment, Bankruptcy Orders:  Receiving Order  and Adjudicating Order (Perintah Penerimaan dan Perintah Penghukuman); List of creditors, if any Age; health condition (medical report) History of payment(s) to Official Assignee (Pegawai Pemegang Harta) To find out why you need these docRead More…

Should the Creditors file a Bill of Costs after making a debtor Bankrupt

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Some creditors face a dilemma, shall we file a bill of costs after the debtors have been made a bankrupt?
“Versi Bahasa Malaysia”
A quick answer: in the absence of a bill of costs, the costs that were incurred for the filing of the bankruptcy application cannot be recovered, even if there are any assets in the estate of the bankrupt. Unless you are certain that there are some assets belonging to Read More…

bankruptcy discharge free debt

Bankruptcy Annulment, Automatic Discharge and the standing of a Social guarantor

CHOW

Social Guarantor Cannot be Made a Bankrupt In New Amendment
 中文版 Versi Bahasa Malaysia
Social Guarantor 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 makingRead More…