Advertisement

Individual Insolvency

140 Views  ⚫  Asked 1 Month Ago
asked on Jan 1, 2018 at 17:56
by   sha2k18
edited on Jan 10, 2018 at 07:16
 
Please let me know the restrictions of a Malaysian bankrupt? 

What a West Malaysian bankrupt cannot do in Sabah?

What a Sabahan bankrupt cannot do in Sabah?

Can a bankrupt hold a Managerial position in a company, such as managing a property?

Is a bankrupt allowed to be involved in approval of payments and collections of income?
0 had this question
Me Too
0 favorites
Favorite
[ share ]
8 Answers

answered on Jan 1, 2018 at 14:38
by   sha2k18
Can payment meant for others be paid and received by a bankrupt without permission of DGI / Insolvency department?
0 found this helpful
Helpful

answered on Jan 1, 2018 at 17:27
by   vkpc
Can payment meant for others be paid and received by a bankrupt without permission of DGI / Insolvency department?
Can.
0 found this helpful
Helpful

answered on Jan 1, 2018 at 18:21
by   Megan
Define income or is it managing funds.
If there is abuse in managing those funds by a bankrupt, you need the permission of the DGI to sue. And I do not see how a bankrupt can pay back for any misused funds.
0 found this helpful
Helpful

answered on Jan 1, 2018 at 19:30
by   sha2k18
edited Jan 10, 2018 at 07:19
 
Hi Megan, thank you for your reply.

A bankrupt is a manager but solely does the depositing of collections on a weekly basis into the company's account.

Can a bankrupt hold a Managerial position in a company, such as managing a property and involve in finance - approval of payments?

What are the restrictions of a Malaysian bankrupt?

What a West Malaysian bankrupt cannot do in Sabah?

What a Sabahan bankrupt cannot do in Sabah? 
0 found this helpful
Helpful

answered on Jan 1, 2018 at 19:41
by   vkpc
All also can.
..................................................
0 found this helpful
Helpful

answered on Jan 2, 2018 at 11:38
by   Jude Law
Cannot be a director in a company? 
0 found this helpful
Helpful

answered on Jan 2, 2018 at 12:10
by   jeff005
edited Jan 10, 2018 at 07:21
 
8. Can I remain as director of a company if I have been made a bankrupt?

An undischarged bankrupt is disqualified from acting as a director of a company pursuant to the Companies Act.  If a bankrupt wishes to act as a director of a company, he/she must seek the approval of the Director General of Insolvency (DGI) or grant of leave from the Court.

It is also important to note that except with the permission of the DGI or Court, a bankrupt is not allowed to:
(a) work in the business of a spouse, children or relative; and
(b) enter or carry on any business, either alone or in partnership.

Source: http://www.mdi.gov.my/index.php/faqs/bankruptcy

Note:  2 Acts encompass the power/rights of Company Directorship - Insolvency Act & Company Act.
0 found this helpful
Helpful

answered on Jan 6, 2018 at 17:03
by   Justask
edited Jan 10, 2018 at 07:24
 
Referring to this question:
What a West Malaysian bankrupt cannot do in Sabah?

What do you mean? You mean now there are separate countries and bankrupt law is different from Sabah and Malaysia? I thought Sabah was included in Malaysia, right? And does bankrupt law change between Sabah, Sarawak and Peninsular??
0 found this helpful
Helpful

Your Answer





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