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Bankruptcy (Malaysia) - Annulment and Discharge of Bankruptcy (Cara Pelepasan Kebankrapan)

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asked on Jan 27, 2019 at 21:22
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edited on Jan 27, 2019 at 21:36
by   carrie1226
There are three main ways as to how a bankrupt can have his bankruptcy terminated:

(a) Making an application in court at any time for the bankruptcy order to be annulled on grounds ie debt has been paid in full or that he ought not to be made a bankrupt on some technical grounds;

(b) Making an application in court at any time for a court discharge. This is subject to a stringent requirement and the Insolvency Department has to put a report emphasizing among others the conduct and cooperation of the bankrupt with the department;

(c) Making an application to the DGI for a discharge under section 33A of Bankruptcy Act 1967. Such application can only be made only if 3 years has lapsed from the date order was made upon satisfying some criteria imposed by the DGI for the exercise of his discretion. Among the factors that the DGI will take into consideration are the conduct of the bankrupt, the extent of his cooperation, the cause for bankruptcy, old age and infirmities etc.

Links
Annulment of Bankruptcy Order

FAQS - Malaysian Department of Insolvency

Act 360 - Insolvency Act 1967 (as at 1 November 2017)
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answered on Jan 29, 2019 at 11:30
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edited Jan 29, 2019 at 11:32
by   jeff005
@ Muhamad

Tuan

I can understand and feel about the predicament you are going thru now. It is exactly what  @carrie1226 have gone thru. The frustrations, the sleeplessness nights, the impact of your employment and/or business, the agony shared with members of your family.

What have been done cannot be undone, you may have been a victim of circumstances. A bankruptcy proceeding have been initiated in court, even the Judgement Creditor cannot withdraw this proceeding unless under special conditions.

The special conditions has been highlight as in contents in the above posts, namely  (a) Making an application in court at any time for the bankruptcy order to be annulled on grounds ie debt has been paid in full or that he ought not to be made a bankrupt on some technical grounds

1.  The Bank concerned have accepted a  Voluntary Settlement  with you (as specified by  Seksyen 139 Kaedah-kaedah Insolvensi 2017 )

2.  Another possible reason is that the bank have realized that there is/are possible infringements on this part..  ought not to be made a bankrupt on some technical grounds

What is the new  Insolvency Act 2017. What is the meaning of Insolvency? What constitute solvent  and  insolvent  status of an individual? For a notis kebankrapan  to be issued, a Judgement Creditor must show proof (beyond doubt) that the Judgement Debtor is in a status of being insolvent. As per your description of your posts, you have assets which can mean that you may not be in a  insolvent state depending on total value of your assets. This is one of the possible explanation by  @carrie  referring to the above.. ought not to be made a bankrupt on some technical grounds

Only with extraction of all docs pertaining to this bankruptcy proceeding  can explain what could have actually been transpired.

Just my 2 sen worth of comments.
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answered on Jan 29, 2019 at 15:00
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Hi @carrie1226, I'd like to ask how long you have to wait for the hearing after you settled your bankruptcy loan? And is it possible to do it without a lawyer?
Thank you 
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answered on Jan 29, 2019 at 15:36
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edited Jan 29, 2019 at 15:42
by   carrie1226
@Stephanie
Please register as an user at this forum, so that can have future correspondence. 
Sign up here: 
https://www.lawyerment.com/my/pub/newaccount.htm

I'd like to ask how long you have to wait for the hearing after you settled your bankruptcy loan?
Under normal circumstances, 1 month from the e-filing date at the court. With a valid reason, you might halve the time by submitting 'Perakuan Segera'.

And is it possible to do it without a lawyer? 
Yes. You do not need lawyer services. I have done it by myself and costs me less than RM200 (included transportation fees).
Check out the procedure here: https://www.lawyerment.com/answers/questions/12924/annulment-of-bankruptcy-order-pembatalan-perintah-kebankrapan
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answered on Jan 29, 2019 at 16:23
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edited Feb 12, 2019 at 02:45
 
@Carrie, thank you for the reply. I've registered and I've also read on the link you sent here. I'll be making the full settlement tomorrow to Jabatan Insolvensi Malaysia. So after that, the officer will give me all the documents as you've mentioned?

I'm living in Austria and I need to fly back on 28th February so I hope it can be done before I leave. And I've made enquiries to lawyers and they charged at least RM4k. 
With the Perakuan Segera, where do I get this and with this, I can really speed up the hearing?

And only 1 hearing everything will be done?
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answered on Jan 29, 2019 at 18:03
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edited Feb 12, 2019 at 02:46
 
@Steph87

I'll be making the full settlement tomorrow to Jabatan Insolvensi Malaysia. So after that, the officer will give me all the documents as you've mentioned?
Did you receive a settlement letter from JIM Official Assignee? 


I'm living in Austria and I need to fly back on 28th February so I hope it can be done before I leave.
When you will leave Malaysia? 

With the Perakuan Segera, where do I get this and with this, I can really speed up the hearing? 
You have to prepare your own Perakuan Segera.
Yes, with valid reason, such as need to return to Austria for work, etc.

And only 1 hearing everything will be done? 
Yes. After that, within 1 week you will get Perintah and Warta yang dimenterai.
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answered on Jan 29, 2019 at 18:10
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edited Feb 12, 2019 at 02:50
 
@Steph87

Do not use lawyers if possible! Official Assignee hates to deal with legal people. You may end up getting much later dates for everything. They are humans beings too, they would like people to think and feel that the JIM Officers do help bankrupts and the public.
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answered on Jan 29, 2019 at 19:04
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edited Feb 12, 2019 at 02:53
 
@carrie,

Yes, I've received the letter from JIM. Its similar to yours. I've also already prepared banker's cheque for the full amount. I'm leaving on the 28th February. I will come back to Malaysia for Chinese New Year break.

How to do the Perakuan? Is it like something you type yourself? Like an official letter?

I'm sorry to ask as I'm desperate and I want to settle it before I leave. 
A lawyer told me even to expedite the case it'll be around 2 months to close case.

@jeff,

Yes, I also don't wish to engage in a lawyer as its very expensive. I hope I can represent myself but I'm afraid the hearing date will be fixed on a date when I'm not in Malaysia and that's when I need one to represent me to get the case done.
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answered on Jan 29, 2019 at 19:26
by  
@Steph87

Perakuan Segera



Refer to the sample image. Here is some examples of valid reason that you can use.

..... memohon supaya Pemohonan Pembatalan Kes saya ditetapkan untuk pendengaran dengan segera kerana .....

a) saya perlu kembali ke Austria untuk melaporkan diri di tempat kerja saya yang sedia ada dengan secepat yang mungkin

b) saya perlu kembali ke Austria untuk menjaga anak saya yang masih kecil
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answered on Jan 29, 2019 at 19:41
by  
edited Feb 12, 2019 at 02:56
 
@Steph87

Yes I've received the letter from JIM. Its similar to yours. I've also already prepared banker's cheque for the full amount.  
Great.

How to do the Perakuan? Is it like something you type yourself? Like an official letter? 
Refer to above post.

I'm sorry to ask as I'm desperate and I want to settle it before I leave.  
A lawyer told me even to expedite the case it'll be around 2 months to close case. 
Stay chill. I will guide you thru the process here.
I've done mine in 3 weeks time.
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answered on Jan 29, 2019 at 19:45
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@carrie

Thank you so much. The Perakuan Segera is to get it from the court after I made the payment to JIM is it?
After payment done, I can get all the needed documents from JIM to submit it to the court? 
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