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Can my employer terminate me if I become a bankrupt after joining the company?

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asked on Feb 16, 2017 at 04:29
by   Freya
This is a MNC company, but it is still a sdn bhd as the company is here.

I have piles of debts, already got letter of demands, court summon, hopefully won't get to the next step.
I just joined this company, probation appraisal should be at end of April.

I am just wondering if, (touch wood) if, a bank decided to pick my case and somehow i become a bankrupt, will the company fire me straight?

In my handbook, it says:

- Incurring debts or acting in any manner which would affect the public image of the Company or that of a Company’s employee.

But I am not sure what it means.

Can any expert out here lending me a hand?

Much appreciated.
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9 Answers

answered on Feb 16, 2017 at 15:41
by   Loo ZJ
edited Feb 26, 2017 at 07:27
 
Why don't you look for AKPK for help first? And show your employer you are working towards solving the issue.
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answered on Feb 16, 2017 at 18:11
by   jeff005
https://www.facebook.com/arunkumarandassociates/

Go ask this gentleman Arun
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answered on Feb 17, 2017 at 00:35
by   Freya
I don't think I can finish paying until the day I retire if I go to AKPK. 
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answered on Feb 17, 2017 at 02:31
by   jeff005
edited Feb 26, 2017 at 07:31
 
incurring debts

Monthly Income minus expenditure = positive = Surplus = Disposable income

Monthly Income minus expenditure = negative = in debts = cash flow

Assets minus Liabilities = negative = insolvent > 30K = Insolvency aka Bankruptcy

What is your monthly income now?
What is your assets in hands now?
What is your total debts now?

@ Freya

What is your issue?

AKPK have a max repayment period of 10 years. The interests re-negotiate with banks hovers at 9.5%.

You can retire in 10 years time? You are 50 years old now?
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answered on Feb 18, 2017 at 00:24
by   Freya
@jeff005, I roughly counted, if my monthly repayment is RM2,000, 20 years also cannot finish.

I am 42 this year.
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answered on Feb 18, 2017 at 02:20
by   jeff005
edited Feb 20, 2017 at 11:02
 
@ Freya

If AKPK approve your Debt Management Programme (DMP) at the maximum period of 10 years, then your monthly repayment is RM4000, and if your income is RM5000 per month, is my estimate of 80%  paying to your creditors accurate?

Therefore, why dun you apply for Self Bankruptcy  and then pay to Jabatan Insolvensi Malaysia (JIM) at an estimate 10% of your salary for the next 5-20 years? Is cheaper right? Compute..??
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answered on Feb 18, 2017 at 22:10
by   Freya
edited Feb 20, 2017 at 11:00
 
Therefore, why don't you apply for Self Bankruptcy and then pay to Jabatan Insolvensi Malaysia (JIM) at an estimate 10% of your salary for the next 5-20 years? Is cheaper right? Compute..??

Say if I choose the above, my passport will be with JIM? Say one day, I really need to go somewhere out of Malaysia, is it difficult to apply to JIM to get my passport back just for the trip? Is it difficult to apply to get back passport back?
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answered on Feb 18, 2017 at 22:20
by   FAQS
edited Feb 20, 2017 at 10:57
 
This topic has been discuss many, many times before. Please read backwards 2 years. Don't be lazy!
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answered on Feb 23, 2017 at 01:08
by   Freya
@jeff005, I just sent a message to Arun
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