When an individual has been adjudicated as a BANKRUPT, the High Court will send notifications to:-
1. Malaysia Insolvency Department (Jabatan Insolvensi Malaysia JIM)
2. Bank Negara Malaysia (BNM)
Insolvency Department will send notifications to:-
a) EPF / KSWP (to stop any withdrawals)
b) Immigration Department (travel ban to overseas)
c) Notification direct to the bankrupt to report in to Jabatan Insolvensi Malaysia (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 Jabatan Insolvensi Malaysia within the stipulated period as per bankruptcy laws.
2. Must have signed a mandatory monthly “target contribution” to repay Proof of Debt (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 EPF withdrawal would result in a percentage of the withdrawn amount to be utilized to repay the bankrupt’s creditors.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 Insolvency will issue a notice to EPF as permission for the amount to be withdrawn, an amount to be withheld and remit direct to the Bankrupt’s estate in Jabatan Insolvensi Malaysia.
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asked on Apr 10, 2021 at 19:39
edited on Apr 17, 2022 at 00:44
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