Advertisement

Withdrawal EPF during bankruptcy period

2673 Views  ⚫  Asked 1 Year Ago
asked on Mar 8, 2021 at 20:08
by  
If I still have bank account, can i withdraw  EPF at age 55 ? Any system link between EPF and Insolvency department? Can Insolvency Dept stop this withdrawal? Pls advise
0 had this question
Me Too
0 favorites
Favorite
[ share ]
26 Answers
 1   2   3   Next »  Last »

answered on Mar 8, 2021 at 20:36
by  
@ Angie

can i withdraw  EPF at age 55 ?

The answer is  :- YES

Any system link between EPF and Insolvency department? 

The answer is  :- YES.. it is linked

Can Insolvency Dept stop this withdrawal?

EPF will ask for a letter from you issued by JIM for the permission for any withdrawal. Do bear in mind that once the amount has been withdrawn, it is in your personal account, under certain situations, the "creditor" can make a Garnishee Order for any moneys inside that account.

The main issue is that, have you reported in to JIM?
1 found this helpful
Helpful

answered on Mar 8, 2021 at 21:38
by  
edited Mar 8, 2021 at 23:51
by   jeff005
On the top of this webpage (Handphone) or top right corner (PC) use the google function and type "EPF Withdrawals at age 55". There are tons of materials to read and digest.

1 found this helpful
Helpful

answered on Mar 9, 2021 at 10:57
by  
@ Jeff005

i am not a bankrupt yet - but i read somewhere , cant remember is here or else where in the forums , i think is this forum...that a bankrupt can apply to JIM for a letter to confirm his/her status as a undischarged bankrupt . with that letter he/she can bring it to the EPF where EPF will issue you a bank draft which you can cash out ( if not mistaken at RHB bank) -not sure if this is a fake news or is it true?

If is true so then i would suggest @ Angie to go for this letter from JIM then get a bank draft from EPF and then withdraw cash from RHB and immediately bank into account that is belong to your son/husband or trusted relative. That way confirm creditor cannot garnished that RM.

I mean yes i do admit if we owe people money should pay but not those unreasonable creditors/banks that charge those ah long interest where 18% per annum become 18% per month....but that aside moreover since this is EPF money meant for old age....i would suggest Angie first ensure she have enough money for her old age first then only think about paying off those creditors via installment or etc . BUT then again as i said i am not sure if this is true or is just some fake story online...only those who have bankrupt will know.  
0 found this helpful
Helpful

answered on Mar 9, 2021 at 10:59
by  
@ angie 

in that forum also mention you need to negotiate with JIM before they will issue you a letter to EPF confirming your status as a bankrupt .

probably you might need to agree certain percentage of that withdrawal will need to be handed to JIM to be distributed to your creditors or etc.
0 found this helpful
Helpful

answered on Mar 9, 2021 at 12:17
by  
edited Mar 9, 2021 at 15:10
by   jeff005
Hahaha

I was the one who wrote all those EPF withdrawals.. (well mostly) thru my experiences with EPF.. @55 withdrawal, 10 years ago. That was the period when the National Database was not linked. Now is linked.

However, EPF policies have been changing every 2 years during the last decade, not easy for layman to follow up. Go direct EPF for latest information is the best way.
1 found this helpful
Helpful

answered on Mar 9, 2021 at 15:18
by  
Thank you for the advise. What if i apply via Isinar, which govn allow a bankrupt to get  their withdrawl.  Do I  still require a  letter from JIM?
0 found this helpful
Helpful

answered on Mar 9, 2021 at 15:45
by  
edited Mar 9, 2021 at 16:08
by   jeff005
which govn allow a bankrupt
The meaning is one has already reported in to JIM and is undergoing a case management there.

Without reporting in to JIM, no withdrawals, no approval letter from JIM.

A Bankrupt, when having been adjudged in Bkcy Court, if did not report in to JIM within a stipulated period is a "runaway bankrupt" and is subject to penalties including Jail Term under certain situations. 

Can surrender voluntary any time and JIM will not issue any penalty.
0 found this helpful
Helpful

answered on Mar 9, 2021 at 15:59
by  
Sorry I dont get  your above message.
0 found this helpful
Helpful

answered on Mar 9, 2021 at 16:01
by  
@ Vince Sum

What is Isinar? What are the terms & conditions. How much max amount, any age criteria? How many withdrawals allowed per year?

Me no more EPF.. never bother to read this news.. now blurr.. blurr
0 found this helpful
Helpful

answered on Mar 9, 2021 at 16:03
by  
edited Mar 9, 2021 at 16:09
by   jeff005
@ Angie

You have not answer my basic Q..

"Have you reported in to JIM when bankrupted?"

Are you asking for yourself or for others? That could be why you could not understand my above answer.
0 found this helpful
Helpful


 1   2   3   Next »  Last »

You must log in to answer this question.

Not the answer you're looking for? Browse other questions by category or search to find answers.