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Bankruptcy Act 1967 Section 38(1)(b)

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asked on Jan 27, 2015 at 19:11
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edited on Oct 10, 2019 at 16:29
 
I shall post my first copy of the Income and Expenditure (I & E) Statement to be submitted to my Official Assignee (OA) and hope to receive ideas and contributions of opinions from the seasoned and experienced forumers of this bankruptcy section so that I can try to "claim" more deductions.

Thanking all in advance..
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answered on Jan 27, 2015 at 20:36
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edited Oct 10, 2019 at 16:45
 
DALAM MAHKAMAH TINGGI MALAYA DI DALAM PERKARA KEBANKRAPAN NO
MTKLD- 29NCC-777-2010  BERNAMA JEFF @ BLADIRUNNER  NO K/P: XXXXXX-XX-XXXX

PENYATA PENDAPATAN DAN PERBELANAAN 6 BULAN MENURUT SEKSYEN 38(1)(b) AKTA KEBANKRAPAN 1967

TEMPOH DARI BULAN JANUARI 2014 HINGGA BULAN JUN 2014

A. INCOME        ..  JAN \ FEB \ MAC \ APR \ MAY \ JUN \

B. EXPENDITURE   ..  JAN \ FEB \ MAC \ APR \ MAY \ JUN \

A  Income             ..                   RM 3,117.77  (With payslip proof)

B  Expenditure

B.1  House rental (Appx B.1)                  .  250.00
B.2  Electricity & Water (Appx B.2)           .  100.00
B.3  Family Living Expenses (Appx B.3)        .  600.00
B.4  Children Educational Expenses (Appx B.4) .  800.00
B.5  Bankrupt Expenses to work (Appx B.5)     .  700.00
B.6  Upkeep of Parents (Appx B.6)             .  400.00
B.7  Medical/Dental Expenses for whole Family .  100.00
B.8  Bankrupt Mental Treatment                .  ???
B.9  Contractual Donation to vkpc Theme Park  .  ???                
                                                  ________
Total Expenses:                              RM   2,950.00
                                                  ========

Appendices

Appx B.1  House Rental RM550. Bankrupt RM250 / Spouse RM300 (Proof with rental agreement)

Appx B.2  Total Bills RM230. Bankrupt RM100 / Spouse RM130 (Proof with Bills)

Appx B.3  Family of 2 adults and 2 children. RM20/day x 30 days = RM600

Appx B.4  Children Educational Expenses  Child 1 age 10 (with Birth Certificate)  Child 2 age 7 (with Birth Certificate)

Child 1
1.1 School Bus  RM90/month
1.2 Canteen Food RM3/day x 26 days = RM78/month
1.3 School uniforms/Badan beruniform (apportioned)/stationery/Utensils/PIBG sumbangan/fees/koko expenses  = RM30/month
1.4 Caregiver Services(plus food) after school  =  RM200/month

Total per child = RM400/month

Child 2 = Same = RM400/month

Appx B.5
1.1  To work transport charges. House OUG. Workplace Jalan Ipoh. Bus to KL RM2. Kl to Jalan Ipoh RM2. Both ways RM8/day. RM8/day x 27 days = RM216/month
1.2  Meals allowance per day RM15 x 27 days = RM405/month   Total:  RM621/month

Appx B.6  Aged Parental Support
1.1  Father aged 72 with medical expenses. Bankrupt contribution is RM200/month (with IC proof and medical records)
1.2  Mother aged 70 with medical expenses. Bankrupt contribution is RM200/month (with IC proof and medical records)
My nett "surplus" is only RM150. Can I offer to pay to Jabatan Insolvensi Malaysia RM100 per month?
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answered on Jan 27, 2015 at 21:17
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You may pay RM50 or less.
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answered on Jan 27, 2015 at 21:38
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You can claim for bankrupt clothings. Bankrupt still need to dress up to go to work for a living to upkeep the living welfare of their children.
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answered on Feb 1, 2015 at 18:09
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edited Oct 10, 2019 at 16:49
 
@jeff005,

You haven't taken in reference books and tuition fees for your kids, food expenses for family under estimate.

I think you do not need to pay anything because you can proof deficit every month.
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answered on Feb 1, 2015 at 20:02
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edited Oct 10, 2019 at 16:55
 
@PitStop,

Many thanks for your input. I have factored legal requirements into my Income and Expenditure (I&E), the problem is, when the bank creditors read my Income and Expenditure (I&E), I worried that they might say..  "Do children of bankrupts have the luxury of tuition fees? They can read reference books in the school library"

There are legal requirements that the minimum educational expenses of school going children to be met. But for parental support the actual legal legislation has not been pass in Malaysia although in Singapore such law has been passed for parents over 60.

The family expenses is a bit low, but I expect objections from those fat bankers as they may expect the family of bankrupts to live like a pauper and living on soup kitchens. Maybe they may even suggest that I have to wear shorts, singlets and slippers to work to exhibit my bankruptcy status.

I shall restructure my Income and Expenditure (I&E) to meet with these challenging times.

I thank you from the bottom of my heart.

@bunker, @Teoh,

Many thanks for input of ideas.
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answered on Sep 23, 2015 at 20:14
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edited Oct 10, 2019 at 16:56
 
@Dicky328,

You can use the above Income and Expenditure (I&E) format. Amend to your family structure.
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answered on Aug 7, 2019 at 17:48
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Update is available here

https://www.lawyerment.com/answers/questions/12963/bankruptcy-discharge-reasons-and-process?g=last#a49552
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answered on Aug 21, 2019 at 16:57
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edited Oct 10, 2019 at 17:10
 
I just want to ask about Income and Expenditure (I&E) submission to Malaysia Department of Insolvency.

I have lapsed my Income and Expenditure (I&E) submission a long time, however I still make payment to them every month (by Standing Instruction from my bank account)

If I want to send Income and Expenditure (I&E) to Malaysia Department of Insolvency, should I just continue with the new one, or do I need to give the lapse I&E also?  Can't remember much of it.

My case: Bankrupt on September 2016. 

Sending Income and Expenditure (I&E) to Department of Insolvency 2 times only in the beginning. After that, never send again. But payment still being deducted, not miss every month.
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answered on Aug 21, 2019 at 18:23
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edited Oct 10, 2019 at 17:12
 
@Panda Guy,

Can you tell me why you re-active this thread of 4 1/2 years ago?

Why I ask? Because the bankrupt for whom I have written the above I&E, resurrected and message me early this morning.



I do not believe in coincidences. Things happened for a reason. What is yours? What trigger your interests in this old thread?
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answered on Dec 1, 2021 at 14:04
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Good morning,

I just recently become officially bankrupt since end of October 2021 and had contact MDI and 1st appointment will be in December 2021.
The officer had email me several forms to fill in.
Have few question as below:

FORM SOA:
Do I still need to declare inside the forms if:
1)I used to own a property but had sold it more than 6years.
2)I used to be a director of a company but had resigned more than 6 years too.

I&E(Borang D):

i understand that I will need to declare borang D every 6 mths after I met the officer.
Would like to know below question:
1) How do we make I&E submission usually? via email?via hand?via post?
2)Do we need to attach all receipts together upon submission?
3)How about some expenses that hardly have receipts? outdoor meal with family, kid expenses /meal, Do I fill in a rough figures without receipts or receipts is compulsary?
 
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