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WHAT ARE THE RESTRICTIONS ON ME AS A BANKRUPT ?

Once you have been adjudged a bankrupt, you cannot hold certain public offices. Bankruptcy damages your standing in the community.

The Official Assignee will administer all your assets, trace and monitor your conduct. Your assets will be disposed to pay the costs and creditors. The Official Assignee may also recover property if you disposed of it in a way which was unfair to your creditors.

It is a offence for you to obtain any credit either alone or with others. You are not allowed to conduct business be it directly or indirectly in a different name from that in which you were made bankrupt.

You cannot be concerned in any promotion or managing a company without the permission from the Official Assignee.

Travel restrictions would come into force and you will lose your passport. You can obtain a passport under some reason with the permission of the Official Assignee.

You can only open a bank account with the approval of the Official Assignee for crediting your monthly income. Certain conditions and limitations will be imposed.

The court may order you to pay part of your wages or income to the Official Assignee if your income is more than you need to live on.

HOW CAN I BE DISCHARGED FROM BANKRUPTCY ?

If you have paid your debts in full, the court will annuls the Receiving and Adjudication Order thus you will become free from bankruptcy immediately.

However, the Bankruptcy Act 1967 has been amended, giving discretionary powers the Official Assignee to allow certain categories of bankrupts to be discharged. The Act was amended to facilitate the discharge of some bankrupts to give them a "second chance" to become actively involved in business again.

There are also other categories of bankrupts who will also get reprieve under the amended Act. They are guarantors of loans, those who suffered due to the financial turmoil, and bankrupt who are sick, old and jobless.

The Official Assignee applies several criteria - your conduct and behavior as a bankrupt before and after bankruptcy, the reason for being declared a bankrupt, age, financial status and ability to repay debts. Thus if you have carried out your duties as a bankrupt you can apply to the Official Assignee for your discharge. Examples : Making regular payments to the Official Assignee and full cooperation during the bankruptcy proceedings.

You will not be automatically discharged from bankruptcy. You have to apply to the Official Assignee for your discharge after 5 years from the date of your Receiving and Adjudication Order. The Official Assignee does this by issuing a "Sijil Pelepasan Pegawai Pemegang Harta" or "Official Assignee's Discharge Certificate" to you. The Official Assignee may still refuses or delay your discharge.

HOW CAN I CHECK WHETHER I'VE BEEN ADJUDGED A BANKRUPT ?

You should proceed to the Official Assignee Office or Jabatan Pemegang Harta and obtain a copy of search form from the counter. A copy of the search form costs RM1. Photocopies of the form is also acceptable.

Fill up the form and submit it.

The Official Assignee Office will then forward your request to the head office in Kuala Lumpur where the search will be conducted.

The official result of the search will then be sent to the address provided in the search form.

The fee to conduct a bankruptcy search on an individual is RM5.



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