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New Act to take over Bankcruptcy Act 1967 and Companies Act 1964

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asked on Oct 15, 2010 at 21:55
by   lostboy
Our PM had announce new mechanism to take consideration on entrepreneur and individual that affected by the economic crisis that also taken into consideration of insolvency cause by the current benchmark of bankruptcy amount RM30K.

So everyone at this forum don't forget to buy your newspaper tomorrow.
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answered on Oct 15, 2010 at 22:24
by   1818
@lostboy,

I hope the announcement tomorrow will really work in our favour, especially yours. (For me, I am still fighting the banks, not bankrupt yet.)

I read your earlier thread, I was thinking, if you're still single, marrying a someone from another country will likely help you "escape M'sian bankruptcy jail", otherwise, you can still own a business under a close relative's name. Wish I have can be of more help.
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answered on Oct 16, 2010 at 02:05
by   zizong
http://thestar.com.my/news/story.asp?file=/2010/10/15/budget/20101015174503&sec=budget

49.Reforming Insolvency Law
During the recent economic crisis, there were entrepreneurs and individuals who faced financial problems with a number of them declared bankrupt.
They were blacklisted and unable to conduct businesses or apply for loans.

To assist these individuals, the new Insolvency Act will consolidate the Bankruptcy Act 1967 and Part 10 of the Companies Act 1965, including introduction of provision relating to relief mechanism for companies and individuals with financial problems.

The review will also involve amending the current minimum bankruptcy limit of RM30,000.
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answered on Oct 16, 2010 at 04:55
by   lostboy
@Zizong and @1818

I looking forward on the content of the new Insolvency Act, my guess bank and financial institution already know about this because day by day I saw BN or CP had been issues for an amount that is slightly higher than RM30K some even just a few thousand from RM30k.

One of the pressure group I heard suggest a 3 years automatic discharge for a debt amounting to RM2 million and less. With shorter period for smaller amount for auto discharge. 3 years with auto discharge still good enough for me.

Another group suggest although the law stated that the court issue Receiving Order (RO) and Adjudicated Order (AO) like Singapore, instead of straightly both order run concurrently, of which make a you an bankrupt, JIM with order of the court execute RO first and manage by JIM, in the event the individual can even commit to such payment AO came thus making the individual bankrupt.

On the amount of bankrupt limit, some pressure group suggest to increase to RM50K although some actually pushing to RM100K, again even if they push it to RM50k that would give some relief for some of us here et alone if they increase it to RM100K.

Either way, it still a good news and hope plus some light at the end of a long tunnel.
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answered on Oct 16, 2010 at 06:46
by   B369
I hope will reforming Insolvency Law ASAP.

I can't serve any more for monthly RM1000 AKPK DMP.
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answered on Oct 24, 2010 at 23:36
by   Drew
WTF? still no petition??? haiyohhh
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answered on Oct 25, 2010 at 02:33
by   Peter Law
The first posting here was dated 15 OCT 2010 and it asked us to buy newspaper on the next day (16 OCT 2010)
to get info on the New Act to take over Bankcruptcy Act 1967 and Companies Act 1964. 

TODAY is 24 OCT 2010, so far I have never heard of this new act.

Anyone in the forum to please update us.

IF no changes, i will agree with Drew and those who have voiced out to write a petition.
This petition can be forwarded to the current Deputy Finance Minister of Malaysia, Mr Donald.
Any volunteer willing to take this lead to write a petition. The draft petition can be posted
here for anyone to comment and improve. This makes the job easy for everyone.
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answered on Oct 25, 2010 at 05:36
by   Winner Singh
Below is item 49 of the Full text of PM Najibís Budget 2011 speech

Reforming Insolvency Law

49.During the recent economic crisis, there were entrepreneurs and individuals who faced financial problems with a number of them declared bankrupt. They were blacklisted and unable to conduct businesses or apply for loans. To assist these individuals, the new Insolvency Act will consolidate the Bankruptcy Act 1967 and Part 10 of the Companies Act 1965, including introduction of provision relating to relief mechanism for companies and individuals with financial problems. The review will also involve amending the current minimum bankruptcy limit of RM30,000.

IF there is any CHANGE, i do HOPE it is favourable to the bankrupts including auto-discharge after 3 years.
Let us quickly forward a PETITION by giving our proposals either to the PM or the Deputy Finance Minister.

THIS IS OUR OPPORTUNITY, we need to act fast before we get disappointed if the "Reforming Insolvency Law" comes back to square one. Furthermore, we can get assistance to form a representative group and get authoritative supports to push through our proposals ONCE and for ALL and ALL for ONE. One Malaysia!
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answered on Oct 25, 2010 at 15:42
by   zizong
the bankruptcy limit should be RM 50,000 and there should auto discharge after 3 years and initial review after 2 years of bankruptcy order and the banks must send the petition by hand after giving the borrower restructuring proposals with zero interest.
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answered on Oct 25, 2010 at 16:36
by   vkpc
Let's all group together as a vote bank.
We will give our votes en-bloc to either Pakatan or BN,
whoever promises and takes serious action to amend and improve Bankruptcy Act 1967.
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answered on Oct 26, 2010 at 00:35
by   Mohd Benkrap
Let us ALL group together to do some constructive actions here:

My proposal:

(1) Raise the minimum RM30k bankruptable amount to RM60k
(2) Auto-discharge after 3 years of bankruptcy
(3) Allow bankrupts to keep basic living in life like their first car
and first home of reasonable value so that a bankrupt is guaranteed
some minimum human rights to live a fundamental basic human living
for survival and gainful employment without being discriminated.
(4) Allow bankrupts to do some small businesses like selling nasi lemak,
fruits, cobbler, drinks, hawker stalls, pasar malam traders, etc.
Authorities should allow them to obtain small traders' licenses without
hassle. For example, pasar malam license. Furthermore, they should be
allowed to apply renting low-cost govt houses and later on, buy over.

The above is only my recommendation. It can be expounded further or improved by anyone here.
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