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Bankruptcy: Account closed, balance, and next step

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asked on Jan 10, 2017 at 22:10
by   Scorlion
edited on Feb 15, 2017 at 07:49
 
Just last week Friday (6 January 2017), I realized that my salary account (CIMB) has been closed. After making a few calls to CIMB was told that it was instruction from Insolvency to close my account where I had balance around RM6,000. I quickly took leave and went to Jabatan Insolvensi Malaysia (JIM), and was given an appointment on the 23rd of Jan.

History of my bankruptcy, I took personal loan from bank intended to start a business amounting RM50,000 but did not take off. I defaulted the monthly installment while waiting for the lump sum investment to be returned to me. So long I waited, had lead to bankruptcy.

Prior to bankruptcy, last year October, I visited AKPK and made the first payment on 21 October and the next 2 month, I discontinued the payment. 

While waiting for the appointment, I have emailed Malaysian Insolvency Department (MDI) to allow me to reinstate my closed account to enable cash flow such as medical claim and next month salary.

And another email to AKPK (just trying my luck if their email can support in anyway-a fool's hope I know).

I humbly seek the Avengers' kindness in aiding me with information:

1) Will they reinstate my CIMB account? 
2) Will they return my RM6,000?
3) What happens if there was any cash flow to that account before it is being reactivated? Will I get it?
4) What will likely happen on the 23rd of Jan?

I received an email respond from MID, stating that they will get back to me.
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21 Answers
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answered on Jan 10, 2017 at 23:38
by   vkpc
Why you left RM6k in your bank account?
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answered on Jan 11, 2017 at 00:31
by   Scorlion
Had no idea that my account will be closed. 
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answered on Jan 11, 2017 at 05:02
by   kiki
1)Will they reinstate my CIMB account?  
Possible. It is at their discretion. Make  a request to Them (JIM)

2)Will they return my 6k? 
Possibly not. You can ask them them you meet them on the 23rd Jan.

3)What happens if there was any cash flow to that account before it is being reactivated? Will I get it?
 
Possibly burn, to pay your creditors.

4)What will likely happen on the 23rd of Jan?
You will be ask to fill up so many declaraing forms (Income and Expedintures) ..etc.
You can continue working and pay 10% of your income/salary.
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answered on Jan 11, 2017 at 11:42
by   vkpc
2)Will they return my 6k?
Only if you prove to them that you need that money to survive.
For example, you totally no money to eat.
Even then, they may only return partially, the rest goes to the creditor fund.

3)What happens if there was any cash flow to that account before it is being reactivated? Will I get it?
As the account is frozen, no deposit can go in.
Any cheques or transfer going in will bounce.
So, you can still ask the person paying you to re-pay you in cash or bank in to another account.
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answered on Jan 12, 2017 at 01:56
by   Scorlion
@kiki and Vkpc - thanks.

I have a current account which is still active, does that mean that they will only freeze or close saving account and current account will not be closed?
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answered on Jan 12, 2017 at 04:02
by   vkpc
Which bank is the current account with?
Is the current account a Joint Account?

Keep minimal amounts in the bank accounts to minimise your risk
but keep it active by using it at least once a month.
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answered on Jan 12, 2017 at 04:18
by   Scorlion
CIMB was the savings account that was closed, HSBC is the current account - not joint account.

Understood.

Can i confirm if CIMB was closed permanently or frozen? Because CIMB said closed, but when I read the thread, alot of people said used freeze?

Once again thanks for all the guidance.
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answered on Jan 12, 2017 at 15:54
by   vkpc
Because CIMB said closed.
The banker is correct.
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answered on Jan 12, 2017 at 21:05
by   Obsessed
closed permanently. You need MDI's permission to opena new account
Consider your 6K gone unless u can prove that you are penniless at the moment
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answered on Jan 20, 2017 at 04:03
by   Scorlion
Another thing is, how can I achieve an agreement with bank to make discounted lump sum payment? Only MDI can do that or do I have to contact the bank, come to an agreement and request it in written?
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