Home / Malaysia Bankruptcy Law / Business & Consumer Bankruptcy Law Bankruptcy-cant withdraw EPF age 55 ?

Bankruptcy-cant withdraw EPF age 55 ? (modified 0 times) Miss Lau My father age 54 now and facing bankruptcy soon. Since bankrupcy person cant have bank account, surely he will not able to draw his EPF after age 55. Can He put my name as beneficiary ? (hoping that when he has passed away, I still manage to take over his fund in the future and take care of my mum) will the bank or bank negara seize his EPF contribution ? Really need some one advice ........please 19 Sep, 2008 17:39:54

RE:Bankruptcy-cant withdraw EPF age 55 ? (modified 0 times) jeffer2881@yahoo.com Dear, Seen todate are your GOOD DAY,bringing a good news to you ,solve the trouble in good, When the date has coming in ,your father can withdraw in cash on EPF Fund with Insolvency Dept.on bankruptcy declaration letter, So DON"T WORRY be HAPPY,.,. Hope you inform those with the same issue about it,.,. Thanks, jeffer2881@yahoo.com 19 Sep, 2008 23:10:27

RE:Bankruptcy-cant withdraw EPF age 55 ? (modified 0 times) miss lau Dear Jeff, Please explain in more detail, what is the meaning of "bankruptcy declaration letter"? how & where to apply ? You mean my father can withdraw his EPF at age 55, how come ? 20 Sep, 2008 16:30:37

RE:Bankruptcy-cant withdraw EPF age 55 ? (modified 0 times) jeffer2881@yahoo.com Dear, The bankruptcy declaration letter is a letter comfirm such person in bankrupt list, it issue by Insolvency Dept. So he / she are not allow holding an account in any bank, than the banker will cash the chequse to him / her,.,. Thanks, jeffer2881@yahoo.com 20 Sep, 2008 23:10:07

RE:Bankruptcy-cant withdraw EPF age 55 ? (modified 0 times) miss lau Thanks a lot of your valuable information, it's really cheer me up a lot ! If my father was not sue bankruptcy, but only black listed then how ? I knew that he can withdraw EPF but without a bank account also useless, your advice please ...... 23 Sep, 2008 17:15:39

RE:Bankruptcy-cant withdraw EPF age 55 ? (modified 0 times) jeffer2881@yahoo.com Dear, If your father in blacklist ONLY,that become in easily cause BLACKLIST means such person NOT repond in debt or in good repond,.the banker CAN"T take action to him/her without court order,. So WHAT are your problem ????? Thanks, jeffer2881@yahoo.com 23 Sep, 2008 18:19:07

RE: Bankruptcy - can withdraw EPF age 55 ? (modified 0 times) Cynthia Dear Jeff, Some questions to ask you: (1) You said once getting the bankruptcy letter from the Insolvency Dept, a bankrupt can cash the cheque(EPF money)at the bank. I thought the Insolvency Dept has the right to withhold the cash money to settle the bankrupt's debts first and if any balance, then it is given to the bankrupt. Is this true? (2) I am now owing a bank RM20,000 and am sued by the bank to attend court some time next month. What are the possible court judgements on me when I attend? If I tell the judge I can only afford to pay RM30 every month to pay my debt, will the court accepts it? If I say, I can't afford at all, what is the judge going to do with me? Pls advise. Is it good to attend the court? Thanks a lot,Jeff. You have been helping many people who are desperate to know the correct answers. Regards, Cynthia 23 Sep, 2008 19:58:31

RE:Bankruptcy-cant withdraw EPF age 55 ? (modified 0 times) Miss Lau Dear Jeff, I call EPF Board asking about if my dad is black listed only,they told me that if he was black listed in Bank A, he can still open a new a/c at Bank B, then he can withdraw EPF and bank-in. Is that true ? your urgent advice please .... 24 Sep, 2008 15:00:14

RE:Bankruptcy-cant withdraw EPF age 55 ? (modified 0 times) jeffer2881@yahoo.com Dear, YES,as advice above in BLACK liat ONLY effect on future loan item i.e housing,car.personal, it NOT consert as Bankruptcy so the banker CAN"T take action without court order,.,. BUT makesure he NOT bank-in the chequse into debtor bank otherwise the banker will reduct the debt,. Thanks, jeffer2881@yahoo.com PLS,remmember to giving helpful hand with same issue,. 24 Sep, 2008 15:49:01

RE:Bankruptcy-cant withdraw EPF age 55 ? (modified 0 times) jeffer2881@yahoo.com Dear,Cynthia, Q 1.Bankruptcy NOT effect on EPF,. Q 2.You had to attend the court,DON"T worry NO jail take place, How much you pay on debt,the acceptance on the banker , If NOT agree on such payment ,banker were petition to court arrange on salary slip , than have to posting your income by court order,or petition sold off WHAT ever under your name for debt payment,. Thanks, jeffer2881@yahoo.com 24 Sep, 2008 16:10:06

RE:Bankruptcy-cant withdraw EPF age 55 ? (modified 0 times) Miss Lau Dear Jeff, From your information given above, proof that you're really experience in this case not like others just add more miserable & blur answer. It really helps to solve my present problem and I can sleep well tonite. Thanks a lot, we really need some one like you to give us honest answer & helps, thanks again. 24 Sep, 2008 17:18:12

RE: Bankruptcy- can't withdraw EPF age 55 ? (modified 0 times) Kalimantan Dear Jeff, Thank you very much for all your contributions to this forum. I am attending court this month as the bank has sued me for debt owing to them. The debt is RM20,000. What are the judgement possibilities that could happen to me? For example like what if I can and what if I cannot afford to pay? What is the best way to answer the judge? In fact, I have to attend a few courts on different dates because of debts owing to different banks. What must I bring along to the court besides the summon letter from the prosecuting lawyer? 30 Sep, 2008 17:59:41

RE:Bankruptcy-cant withdraw EPF age 55 ? (modified 0 times) marry Dear Kalimantan, First of all i want to ask you some questions... The bank has sued you due to owing the debts is RM 20,000.00. Is it total amount from one bank or from different bank..? Bcos i also have debts from many bank..but the total not much... Could you inform me the total is from one bank or total from other different bank..? Thanks. 01 Oct, 2008 10:37:22

RE: Bankruptcy - can't withdraw EPF age 55 ? (modified 0 times) Kalimantan Dear Marry, The debt RM20,000 is from one bank. Note: Normally banks do not joint sue to bankrupt a person by jointly totaling the debts to RM30,000 due to complication of the recovery of debts. If you are owing a bank much less than RM30,000, the bank cannot sue you bankruptcy except obtaining a judgement from the court. Meaning to say, for a person to be sued bankruptcy or declare bankruptcy, minimum amount is RM30,000 in Malaysia. After the judgement is obtained, what type of judgement to be executed later would depend on the court's decision like possessing/seizing of properties or if it is a company, maybe a WSS (Writ of Seizure & Sales) is invoked. 15 Oct, 2008 13:05:26

Bankruptcy - can't withdraw EPF age 55 ? (modified 0 times) Kalimantan Dear Miss Lau, Confirmed - EPF & pensions are NOT affected when a person is a bankrupt. The money belongs to the EPF retiree at age 55 and the pensioners. Understand a bankrupt may not have a bank account. Never mind about it. Just give an authorized letter to EPF to deposit the money into another bank account belongings to your spouse or children. That is all. Actually, by permission from Jabatan Insolvensi Malaysia, (JIM) a bankrupt still can open a bank account but not safe to deposit the EPF money into the bankrupt's bank account because if you are not careful, the bank may freeze the money if there is a court order. To be safe, use the method I recommended above. I got this advice from a senior lawyer. 17 Oct, 2008 12:03:43

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