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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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answered on Jan 12, 2018 at 14:29
by   danny danny
edited Jan 31, 2018 at 16:49
 
@Roserose,

I believe your husband's case falls under the new bankruptcy law hence he is qualified for the automatic discharge after 3 years where else mine was since March 2016.

Looks like the only choice I have is to settle in full if I want to clear my name from Jabatan Insolvensi Malaysia (JIM).
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answered on Jan 12, 2018 at 14:48
by   TunHajiBakar
the new bankruptcy law hence he is qualified for the automatic discharge after 3 years 
There is no automatic discharge.
It is a qualified application for discharge with conditions attached after a period of 3 years of case management.
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answered on Jan 12, 2018 at 14:52
by   danny danny
edited Jan 31, 2018 at 16:51
 
There is no automatic discharge. 
It is a qualified application for discharge with conditions attached after a period of 3 years of case management.


May I know how do I know/check how long duration is my case management?
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answered on Jan 12, 2018 at 15:38
by   kiki
edited Jan 31, 2018 at 16:52
 
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.


Your only choice is negotiate with your creditor.
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answered on Jan 12, 2018 at 16:06
by   HalakuKhan
edited Jan 31, 2018 at 16:54
 
May I know how do I know/check how long duration is my case management?
What is your OA for? Why are you paying fees to your JIMfor?

Do avoid using term  "Automatic Discharge". If there are conditions attached as in Malaysia's case, it is no longer automatic. Do not confused with Australian Bankruptcy Laws whereby the Bankrupt's Trustee applied on behalf of the bankrupt to the court for bankruptcy discharge without the need to inform any creditor(s), on grounds of Good Conduct after completing the case management period.
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answered on Jan 12, 2018 at 17:12
by   jeff005
edited Jan 31, 2018 at 16:55
 
May I know how do I know/check how long duration is my case management? 
Post your JIM case management file number so that we can check with your Official Assignee (OA) on your behalf.
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answered on Jan 15, 2018 at 10:35
by   danny danny
edited Jan 15, 2018 at 10:42
by   danny danny
Post your JIM case management file number so that we can check with your OA on your behalf.

Sure! Here you go: BP32374/2015

Much appreciated! 
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answered on Jan 15, 2018 at 11:16
by   jeff005
edited Jan 31, 2018 at 16:59
 
Please PDF and post an authorization letter using with the signature you have signed in the Statement of Affairs (SOA). Then post it here.

Where is your Jabatan Insolvensi Malaysia (JIM)? Take note that for out of KL, hotel, taxi, tolls, meals must be prepaid. Nothing is free. Only the advice channeled out from this forum is free of charge. Please includes a Retainer Fee in case your Official Assignee (OA) is on leave.

Thank you.
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answered on Jan 15, 2018 at 11:23
by   jeff005
edited Jan 31, 2018 at 17:01
 
Something wrong with your case number.

You Quoted: (since March 2016)

This file is opened in 2015 when you reported in. Wrong dates???

Please post a copy of the Jabatan Insolvensi Malaysia (JIM)'s half yearly statement of account send to you for verification.
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answered on Jan 15, 2018 at 15:25
by   danny danny
edited Jan 31, 2018 at 17:02
 
This file is opened in 2015 when you reported in. Wrong dates???

Please post a copy of the Jabatan Insolvensi Malaysia (JIM)'s half yearly statement of account send to you for verification.


I've never received any half yearly statement from JIM before. I only have the monthly repayment receipts paid over the counter.
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