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Bankruptcy-cant withdraw EPF age 55 ?
1213 Views  ⚫  Asked 7 Years Ago
asked on Sep 19, 2008 at 17:39
by   Miss Lau
My father age 54 now and facing bankruptcy soon. Since bankrupcy person cant have bank account, surely he will not able to draw his EPF after age 55. Can He put my name as beneficiary ? (hoping that when he has passed away, I still manage to take over his fund in the future and take care of my mum) will the bank or bank negara seize his EPF contribution ?

Really need some one advice ........please
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answered on Sep 19, 2008 at 23:10
by   Anonymous
Dear,
Seen todate are your GOOD DAY,bringing a good news to you ,solve the trouble in good,
When the date has coming in ,your father can withdraw in cash on EPF Fund
with Insolvency Dept.on bankruptcy declaration letter,
So DON"T WORRY be HAPPY,.,.
Hope you inform those with the same issue about it,.,.
Thanks,
jeffer2881@yahoo.com
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answered on Sep 20, 2008 at 16:30
by   miss lau
Dear Jeff,

Please explain in more detail, what is the meaning of "bankruptcy declaration letter"?
how & where to apply ?

You mean my father can withdraw his EPF at age 55, how come ?
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answered on Sep 20, 2008 at 23:10
by   Anonymous
Dear,
The bankruptcy declaration letter is a letter comfirm such person in bankrupt list,
it issue by Insolvency Dept.
So he / she are not allow holding an account in any bank,
than the banker will cash the chequse to him / her,.,.
Thanks,
jeffer2881@yahoo.com
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answered on Sep 23, 2008 at 17:15
by   miss lau
Thanks a lot of your valuable information, it's really cheer me up a lot !

If my father was not sue bankruptcy, but only black listed then how ? I knew that he can withdraw EPF but without a bank account also useless, your advice please ......
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answered on Sep 23, 2008 at 18:19
by   Anonymous
Dear,
If your father in blacklist ONLY,that become in easily cause BLACKLIST means
such person NOT repond in debt or in good repond,.the banker CAN"T take action to him/her without court order,.
So WHAT are your problem ?????
Thanks,
jeffer2881@yahoo.com
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answered on Sep 23, 2008 at 19:58
by   Cynthia
Dear Jeff,

Some questions to ask you:

(1) You said once getting the bankruptcy letter from the Insolvency Dept,
a bankrupt can cash the cheque(EPF money)at the bank. I thought the Insolvency Dept
has the right to withhold the cash money to settle the bankrupt's debts first and
if any balance, then it is given to the bankrupt. Is this true?

(2) I am now owing a bank RM20,000 and am sued by the bank to attend court some time
next month. What are the possible court judgements on me when I attend? If I tell the
judge I can only afford to pay RM30 every month to pay my debt, will the court accepts
it? If I say, I can't afford at all, what is the judge going to do with me? Pls advise.
Is it good to attend the court? Thanks a lot,Jeff. You have been helping many people
who are desperate to know the correct answers.

Regards,
Cynthia
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answered on Sep 24, 2008 at 15:00
by   Miss Lau
Dear Jeff,

I call EPF Board asking about if my dad is black listed only,they told me that if he was black listed in Bank A, he can still open a new a/c at Bank B, then he can withdraw EPF and bank-in. Is that true ?

your urgent advice please ....
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answered on Sep 24, 2008 at 15:49
by   Anonymous
Dear,
YES,as advice above in BLACK liat ONLY effect on future loan item i.e housing,car.personal,
it NOT consert as Bankruptcy so the banker CAN"T take action without court order,.,.
BUT makesure he NOT bank-in the chequse into debtor bank otherwise the banker will reduct the debt,.
Thanks,
jeffer2881@yahoo.com
PLS,remmember to giving helpful hand with same issue,.
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answered on Sep 24, 2008 at 16:10
by   Anonymous
Dear,Cynthia,
Q 1.Bankruptcy NOT effect on EPF,.
Q 2.You had to attend the court,DON"T worry NO jail take place,
How much you pay on debt,the acceptance on the banker ,
If NOT agree on such payment ,banker were petition to court arrange on salary slip ,
than have to posting your income by court order,or petition sold off WHAT ever under your name for debt payment,.
Thanks,
jeffer2881@yahoo.com
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answered on Sep 24, 2008 at 17:18
by   Miss Lau
Dear Jeff,

From your information given above, proof that you're really experience in this case not like others just add more miserable & blur answer. It really helps to solve my present problem and I can sleep well tonite.

Thanks a lot, we really need some one like you to give us honest answer & helps, thanks again.
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