{"id":5501,"date":"2022-01-04T12:37:00","date_gmt":"2022-01-04T04:37:00","guid":{"rendered":"https:\/\/malayacorporate.com\/?post_type=article&p=5501"},"modified":"2022-01-12T14:28:40","modified_gmt":"2022-01-12T06:28:40","slug":"apa-itu-bankrap","status":"publish","type":"article","link":"https:\/\/malayacorporate.com\/my\/article\/apa-itu-bankrap\/","title":{"rendered":"WHAT IS BANKRUPTCY"},"content":{"rendered":"\t\t
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Bankrupt<\/o:p><\/span><\/u><\/b><\/p>

Bankruptcy will\nbe declared to an individual that: <\/o:p><\/span><\/p>

–         \n<\/span><\/span>Has debt of more than RM 50,000\nand cannot afford to pay it<\/o:p><\/span><\/p>

–         \n<\/span><\/span>Failed to pay debts for 6\nconsecutive months<\/o:p><\/span><\/p>

–         \n<\/span><\/span>Residing in Malaysia for more\nthan 1 year during the indebted period<\/o:p><\/span><\/p>

For a RM 10, you\nmay verify your bankruptcy status at the Insolvency Malaysa headquarters in\nPutrajaya. <\/o:p><\/span><\/p>

The insolvency\nprocess will be initiated for individuals who meet the circumstances and an\norder from Court will be issued. There are two methods an individual can be\nclassified as bankrupt, namely through:<\/o:p><\/span><\/p>

–         \n<\/span><\/span>Creditor\u2019s petition: petition\nsubmitted by a creditor against a debtor who has debts more than Rm 50,000<\/o:p><\/span><\/p>

–         \n<\/span><\/span>Debtor\u2019s petition: an\nindividual voluntarily declares himself bankrupt to protect themselves from creditors\nthat they are unable to pay the debts.<\/o:p><\/span><\/p>

Petitions that\nhave been submitted are not allowed to be withdrawn without the permission of\nthe Court. <\/o:p><\/span><\/p>

Consequences of Bankruptcy on Company\u2019s Directors<\/o:p><\/span><\/u><\/b><\/p>

Under Section 38 (d) of the Insolvency Act 1967, a bankrupt without\nthe permission of Director General of Insolvency (DGI) or the Court is not\nallowed to enter in or carry on business either alone or in partnership.\nBankrupt also should not become a director of any company or otherwise directly\nor indirectly take part in the management of the company. <\/o:p><\/span><\/p>

However, bankrupts can retain their position as a director of the\ncompany before disqualified by making an application to the DGI or the Court.\nIn addition, bankrupt is prohibited from working in the companies owned by\ntheir spouses, children or relative and from running a sole proprietorship\nbusiness.<\/o:p><\/span><\/p>

Approaches to be released from bankruptcy status <\/o:p><\/span><\/u><\/b><\/p>

1)     \n<\/span><\/span>Revocation Order under Section\n105 of the Insolvency Act 1967<\/o:p><\/span><\/p>

A revocation order will be issued if the Court is satisfied with the\nrevocation application. An application can be made when all of the debt claims\nare paid in full by the individual along with the fees and the cost of\nadministration related to the case.<\/o:p><\/span><\/p>

 <\/span><\/p>

2)     \n<\/span><\/span>Relief by the Court Order under\nSection 33 of the Insolvency Act 1967<\/o:p><\/span><\/p>

A bankrupt can apply for a release of bankruptcy status from the\nCourt. The court will examine the attitude and conduct of the applicant through\nthe report of DGI to decide whether the applicant receive an absolute relief,\nconditional relief or the application is rejected.<\/o:p><\/span><\/p>

3)     \n<\/span><\/span>Relief with certificate of DGI\nunder Section 33A of Insolvency act 1967<\/o:p><\/span><\/p>

Application for a certificate of discharge can be submitted when the\nperiod of 5 years has expired from the date of bankruptcy issuance. The release\nof the certificate is subjected to the grounds of the application, the\npercentage of dividend payable, cooperation and attitude of the bankrupt throughout\nthe administration of the case and the interests of the creditors, <\/o:p><\/span><\/p>

DGI can release a bankrupt without nay objection when:<\/o:p><\/span><\/p>

–         \n<\/span><\/span>Bankrupt for reasons as social\nguarantor<\/o:p><\/span><\/p>

–         \n<\/span><\/span>Bankrupt is registered as a\nPerson with Disabilities (OKU) under the Person with disabilities Act 2008<\/o:p><\/span><\/p>

–         \n<\/span><\/span>Bankrupt has died<\/o:p><\/span><\/p>

–         \n<\/span><\/span>Bankrupt has suffered from a\nserious illness that have been confirmed by a Government Medical Officer<\/o:p><\/span><\/p>

4)     \n<\/span><\/span>Automatic relief under Section\n33 C of the Insolvency Act 1967<\/o:p><\/span><\/p>

A bankrupt can apply for release from bankruptcy within 3 years of\nfiling a Statement of Affairs with conditions applied.<\/span> <\/span><\/p>

Reference link<\/o:p><\/span><\/p>

Insolvency Act 1967<\/o:p><\/span><\/p>

http:\/\/www.mdi.gov.my\/index.php\/ms\/perundangan\/undang-undang\/1328-akta-360-akta-insolvensi-1967<\/a><\/o:p><\/span><\/p>

http:\/\/www.mdi.gov.my\/index.php\/ms\/utama\/soalan-lazim\/103-bankruptcy-faq\/1662-23-memandangkan-saya-memerlukan-kebenaran-kpi-untuk-meneruskan-pekerjaan-sekarang-atau-mendapatkan-pekerjaan-yang-baru-apa-yang-perlu-dilakukan-untuk-mendapatkan-kebenaran-tersebut<\/a><\/o:p><\/span><\/p>

https:\/\/www.ceritahutangbankdananda.com\/2016\/09\/perkongsian-seorang-bankrap\/<\/a><\/o:p><\/span><\/p>

http:\/\/www.mdi.gov.my\/index.php\/ms\/utama\/soalan-lazim\/103-bankruptcy-faq\/1663-24-bolehkah-saya-mengekalkan-jawatan-sebagai-pengarah-syarikat-jika-saya-diisytiharkan-bankrap<\/a><\/o:p><\/span><\/p>

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n<\/p>

http:\/\/www.mdi.gov.my\/index.php\/ms\/utama\/soalan-lazim\/103-bankruptcy-faq\/1668-29-bagaimana-seorang-bankrap-boleh-dilepaskan-daripada-kebankrapannya<\/a><\/o:p><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"featured_media":0,"template":"","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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