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Settlement with Malaysia Department of Insolvency (MdI)

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asked on May 18, 2017 at 17:13
by   danny danny
edited on Jan 31, 2018 at 13:34
 
I've been declared bankruptcy since March 2016 (only knew it when my bank called me up to confiscate my saving), surrendered myself to Jabatan Insolvensi Malaysia (JIM) and have been consistent with my payment throughout.

It was a failed business whereby the main tenant sued me for rental of RM120k before interest, total final amount is RM140k after interest. With little knowledge on this matter, my appointed lawyer has been trying to get me out of it but ended up I paid X amount of lawyer fees to them and I'm still stuck with my bankruptcy status.

Now I'm interested with settlement with JIM to clear my bankruptcy as it is very stressing to run up and down to meet my lawyers and their legal fees. My proposed payment breakdown to JIM as below:

1) RM from my frozen bank account: RM17k (back in March 2016)
2) Monthly repayment to JIM: RM4.5k (to date)
3) Proposed settlement to JIM: RM50k (the max I could offer)

Total of RM71k (RM17k + RM4.5k + RM50K) to clear myself from bankruptcy from JIM. Do you think it is sufficient for JIM to accept my offer? I know I'm only declared bankrupt for 13 months but it is indeed affecting my daily activities.

Any kind suggestion will be deeply appreciated.

Thank you.
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