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EPF

New MessageEPF (modified 0 times) SUSAN
Acting as the director of a Sdn Bhd company, is it correct the they are limited liability? Does the bank have any other way to sue the director for bankruptcy if the company owing huge debts?
Will my money under EPF suspended or use to pay debts if I was sued for bankruptcy by the bank?
27 Jul, 2009 17:46:51

New MessageEPF (modified 0 times) Dr Lim Kit Siang
Acting as the director of a Sdn Bhd company, is it correct that they are limited liability?

ANS: YES, limited to assets under company name only. Anything under personally owned assets is safe.

Does the bank have any other way to sue the director for bankruptcy if the company owing huge debts?

ANS: YES, it can sue the company owners / directors for bankruptcy.

Will my money under EPF suspended or use to pay debts if I was sued for bankruptcy by the bank?

ANS: NO, EPF money regardless of the type of bankruptcy is protected and your creditors cannot touch it though they mat recommend you to use it for debt payment. Your EPF money is your right for old age function and that is the objective and therefore it is protected. It is good if you can quickly elect a beneficiary for your EPF money - this will further enforce that should anything happens (touch wood but not Tigerwood), it will go only to the authorized beneficiary. You can also authorized your EPF money to be deposited into your family member's bank account as a bankrupt's bank accounts are normally frozen upon bankruptcy order from the court.

27 Jul, 2009 19:22:26

New MessageRE:EPF (modified 0 times) notalawyer
Banks cannot sue directors or shareholders of a Sdn Bhd company for debts owed by company.
If they sue, they will lose.
However, if your company took a bank loan and you stood as a guarantor for the loan, you will be sued to bankruptcy.

What Lim Kit Siang say about EPF is true. Nobody can touch it.

27 Jul, 2009 23:03:22


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