When an individual has been adjudicated as a BANKRUPT, the High Court will send notifications to :-
1. Insolvency Dept
2. Bank Negara Malaysia
Insolvency Dept will send notifications to :-
a) EPF / KSWP (to stop any withdrawals)
b) Immigration Dept (travel ban to overseas)
c) Notification direct to the bankrupt to report in to JIM within a specific period for the first meeting with a JIM officer.
How To make EPF withdrawals for bankrupts @50 @55
1. Must have reported in to JIM within the stipulated period as per bankruptcy laws.
2. Must have signed a mandatory monthly “target contribution” to repay POD Creditors.
3. EPF withdrawal would result in a percentage of the withdrawn amount to be utilized to repay the bankrupt’s creditors.
4. Insolvency will issue a notice to EPF as permission for the amount to be withdrawn, an amount to be withheld and remit direct to the Bankrupt’s estate in JIM.
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