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Declared bankrupt in Malaysia

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asked on Mar 22, 2017 at 14:11
by   Sok Kheng
Dear Sir/Mdm,

I am Malaysian, currently working in Singapore and holding Singapore PR status. I has been declared bankrupt recently. I have few concern, I would appreciate someone could answer my question. Thanks.

1. Can I still continue to work in Singapore?
2. Can I still travel in and out to Malaysia because my parent is stay at Malaysia?
3. Can I give up my Malaysia citizenship and apply for Singapore Citizenship?
4. Do I still need to pay back the debt after I gotten the Singapore Citizenship?
5. Am I discharge from bankrupt if I gotten the Singapore Citizenship?

Thanks
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10 Answers

answered on Mar 25, 2017 at 03:31
by   Sok Kheng
Anybody can help to clarify my doubt??
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answered on Mar 25, 2017 at 03:48
by   jeff005
edited Mar 27, 2017 at 05:59
 
You can still work so long as you report in to Jabatan Insolvensi Malaysia (JIM) and seek permission from  Director General of Insolvency (DGI).

A bankrupt in Malaysia can be documented in Singapore as there are legal bilateral agreements between our two countries.

Giving up your citizenship now can induce more issues.
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answered on Mar 27, 2017 at 18:28
by   Sok Kheng
Hi Jeff, 

Thanks for the information.

Can I ask more advise?

Me and my brothers were operated family business together. When the business started, it was operated by my elder and second brother. After a while, they asked me to work together with them. Subsequently, my name was added inside as shareholder. Although I am the shareholder, I was not involved in any management decision. I am only gotten monthly salary from the company. 
Now, the company has been declare bankrupt and I has been sued for bankrupt too. 

My Question as below:
1. May I use the reason whereby I am only a sleeping shareholder to explain to the court and discharge myself from bankruptcy?
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answered on Mar 27, 2017 at 21:01
by   vkpc
May I use the reason whereby I am only a sleeping shareholder to explain to the court and discharge myself from bankruptcy?

We need more info before we can answer your questions.

1. Are you a director of the company?
2. Is it a Sdn Bhd type of company?
3. Did the company take any bank loans?
4. Did you sign a personal guarantee for the loans?
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answered on Mar 27, 2017 at 23:51
by   jeff005
edited Mar 27, 2017 at 23:56
by   jeff005
@ Sok Kheng

Personal view only.

U hv put  "added"  in yr above post. Which  could mean it is a sdn bhd. Being a shareholder you would not be bankrupted when the company has been wound up as it is a company limited by shareholdings. If yr shareholding is more than 5 percent of the Issued Share Capital, ur an auto Director. U may not be able to claim "sleeping partner" unless it is shareholdings with no voting rights.
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answered on Mar 28, 2017 at 03:27
by   Sok Kheng
Hi vkpc and Jeff, 

Thanks for the information.

The company registered as "trading company". I think I am one of the director because my name was added inside the company. 

Yes, we took bank loan from bank and unable to pay the bank now. When we borrow money from the bank, I did signed the documents with my brother.

I am not sure about voting right, basically I did not involved in any management decision and operation decision, I am just like a employee work for the company.

Is there anyway that I can discharge myself from bankruptcy?
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answered on Mar 28, 2017 at 04:19
by   vkpc
Since you are already in Singapore, it may be the best solution for you to continue staying there.
Good Luck.
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answered on Mar 29, 2017 at 03:06
by   Sok Kheng
My parent still in Malaysia. I still need to go in and look at my parent. 
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answered on Mar 29, 2017 at 04:17
by   kiki
Is there anyway that I can discharge myself from bankruptcy?

The JIM's way..  excerpt from Lawyerment library..
If you have paid your debts in full, the court will annuls the Receiving and Adjudication Order thus you will become free from bankruptcy immediately.
However, the Bankruptcy Act 1967 has been amended, giving discretionary powers the Official Assignee to allow certain categories of bankrupts to be discharged. The Act was amended to facilitate the discharge of some bankrupts to give them a “second chance” to become actively involved in business again.
There are also other categories of bankrupts who will also get reprieve under the amended Act. They are guarantors of loans, those who suffered due to the financial turmoil, and bankrupt who are sick, old and jobless.
The Official Assignee applies several criteria – your conduct and behavior as a bankrupt before and after bankruptcy, the reason for being declared a bankrupt, age, financial status and ability to repay debts. Thus if you have carried out your duties as a bankrupt you can apply to the Official Assignee for your discharge. Examples : Making regular payments to the Official Assignee and full cooperation during the bankruptcy proceedings.
You will not be automatically discharged from bankruptcy. You have to apply to the Official Assignee for your discharge after 5 years from the date of your Receiving and Adjudication Order. The Official Assignee does this by issuing a “Sijil Pelepasan Pegawai Pemegang Harta” or “Official Assignee’s Discharge Certificate” to you. The Official Assignee may still refuses or delay your discharge.
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answered on Mar 30, 2017 at 16:10
by   Sok Kheng
That's is a good news.

Personally I think, the whole case was unfair to me. Because for family business, my name was added inside the company then I also need to take responsible for that.

I said unfair because I was not involve in the company management and operation decision. i was just like a employee worked for a company. Furthermore, I have worked for the company for so many year, I did not even get any extra bonus or benefit. I only got salary for every month, no extra bonus, no dividends, nothing at all.
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