Advertisement

Settlement with Malaysia Department of Insolvency (MdI)

1094 Views  ⚫  Asked 1 Year Ago
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.
0 had this question
Me Too
0 favorites
Favorite
[ share ]
37 Answers
« Previous   1   2   3   4   Next »  Last »

answered on May 19, 2017 at 01:57
by   danny danny
edited Jan 31, 2018 at 16:33
 
discharging is entirely the prerogative of the Official Assignee (OA)

This is much better. At least there's hope of getting out of it after my case management period. Apart from paying my monthly installment to insolvency promptly, anything else I need to do to be in their good books?
0 found this helpful
Helpful

answered on May 19, 2017 at 03:14
by   jeff005
edited Jan 31, 2018 at 16:39
 
1. Did you file your Statement of Affairs (SOA) properly?
2. Did you file your Income & Expenditure (I&E) every 6 months?
3. Did you invite your Official Assignee (OA) to your 'kenduri kahwin'?
0 found this helpful
Helpful

answered on May 19, 2017 at 06:18
by   danny danny
edited Jan 31, 2018 at 16:40
 
2. Did you file your Income & Expenditure (I&E) every 6 months? 

No, but I'll start doing it, I did not know about this. Will pay them a visit next week. Do I have to make appointment with my Official Assignee (OA) on this matter?

Do I have to wait for a minimum of 3 or 5 years to apply for discharge of bankruptcy? Since I'm already 1 year into it.
0 found this helpful
Helpful

answered on May 20, 2017 at 03:53
by   jeff005
edited Jan 31, 2018 at 16:41
 
You still file even if your OA say no need.. okay?? Back date your I&E from the first filing.

Read up on Bankruptcy Laws to understand your situation better.

Read the Jabatan Insolvensi Malaysia (JIM) website on all matters and you will know how to discharge yourself after the completion of your 5 years case management or if lucky 3 years.

Read inside this forum about application for bankruptcy discharge.
0 found this helpful
Helpful

answered on May 22, 2017 at 06:03
by   danny danny
edited Jan 31, 2018 at 16:42
 
You still file even if your OA say no need.. okay?? Back date your I&E from the first filing.

Already did this on Friday. Quite simple, just fill up the form without needing to make appointment with my OA. Just pass it to the counter. I find it difficult to make appointment to meet my OA.

Big thank you to all your feedback, appreciate it much. Now I'm considering all options I have to get out of this bankruptcy.
0 found this helpful
Helpful

answered on May 22, 2017 at 15:27
by   danny danny
Read inside this forum about application for bankruptcy discharge.

My situation is slightly different as my creditor is not a bank, mine is against an unethical creditor. I believe banks are more flexible when it comes to negotiating.
0 found this helpful
Helpful

answered on Jan 11, 2018 at 14:21
by   danny danny
edited Jan 31, 2018 at 16:44
 
Hi guys, need your helpful advice again on my situation. This coming March will be my second year declared as a bankruptcy by Jabatan Insolvensi Malaysia (JIM). I've been paying my monthly installment and submitted my I&E forms consistently to date.

May I know what are my options if I want to reduce my total amount owed for early settlement? As mentioned earlier, my case is not against a bank but an unethical businessman.

Options - do I negotiate directly with the creditor who made me bankrupt OR do I negotiate with my Official Assignee? Please share if there's any other alternative too.

On a side note, I've read this : http://www.mdi.gov.my/index.php/component/content/article/57-announcements/1182-announcement-on-the-enforcement-date-of-insolvency-act-1967

Malaysia Department of Insolvency (MdI) hereby notified that The Insolvency Act 1967 has been enforced on 6th October 2017. With the enforcement of the Act, Bankruptcy Act 1967 is now known as Insolvency Act 1967

5. Introduction of the automatic discharge of bankruptcy;

Am I entitle to this?

Your advice will be much appreciated. Thank you
0 found this helpful
Helpful

answered on Jan 11, 2018 at 16:46
by   vkpc
edited Jan 31, 2018 at 16:45
 
5. Introduction of the automatic discharge of bankruptcy; Am I entitled to this?
No.  This is only for new bankrupts. ( after Aug 2017 )
0 found this helpful
Helpful

answered on Jan 11, 2018 at 21:42
by   danny danny
edited Jan 31, 2018 at 16:46
 
No.  This is only for new bankrupts. ( after Aug 2017 )

Understand. Well I guess I only left with two options now: to go for full settlement or to remain as a bankrupt.

Any sifu can guide me to negotiate for a lower settlement with JIM? I really want to get out of this, its been bothering me for 2 years & counting.

Thanks in advance!
0 found this helpful
Helpful

answered on Jan 11, 2018 at 22:28
by   Roserose
edited Jan 31, 2018 at 16:48
 
Any sifu can guide me to negotiate for a lower settlement with JIM? I really want to get out of this, its been bothering me for 2 years & counting.

My husband got almost same situation as you. Being bankrupt end of last year because of education loan. We went to see our OA right after we know the status( we went to JIM Putrajaya and make a self check. Paid RM10 to check the status). As far as we know after seeing our OA, we cannot negotiate for lower settlement with JIM. JIM only can release our case after 3 or 5 years, based on the new act of bankruptcy. It doesn't mean that we clear from the debt, still need to go to court for the Pelepasan Bankrap. The thing is if the creditor is not satisfy with the amount, they can still argue for it. JIM cannot help us on this matter, they only help us manage our financial and debt (added 11% of their fees). 
0 found this helpful
Helpful


« Previous   1   2   3   4   Next »  Last »

Your Answer





By posting your answer, you agree to the privacy policy, cookie policy and terms of service.