Insolvency Dept announces initiatives to ease burden of bankrupts

Mdl said bankrupts aged below 55 would also be allowed to withdraw from Account 2 of their Employees Provident Fund up to the stipulated maximum amount of RM500 monthly for 12 months starting April 1. — Picture by Yusof Mat Isa
Mdl said bankrupts aged below 55 would also be allowed to withdraw from Account 2 of their Employees Provident Fund up to the stipulated maximum amount of RM500 monthly for 12 months starting April 1. — Picture by Yusof Mat Isa

Subscribe to our Telegram channel for the latest updates on news you need to know.


PUTRAJAYA, April 1 — The Malaysian Insolvency Department (Mdl) has announced several initiatives to ease the burden of bankrupts during the movement control order (MCO) period, including deferring monthly repayments for six months.

Mdl said in a statement today that the deferment, under the Insolvency Act 1967 (Act 360), would be from April 1 to September 30, 2020.

“For bankrupts who do not wish to take up this initiative, they can apply to continue with their payment at Mdl branches which handled their bankruptcy cases,” he said.

Other than that, Mdl said bankrupts aged below 55 would also be allowed to withdraw from Account 2 of their Employees Provident Fund (EPF) up to the stipulated maximum amount of RM500 monthly for 12 months starting April 1.

“Applications must be made directly to EPF,” it said.

Mdl said any party affected by the MCO and had signed hire-purchase agreements with the Insolvency director-general (KPI) or any receiving and settlement officers (PPp) could apply for the six-month deferment.

For more information, contact 03-88851065, 03-88851928 and 03-88851313 or visit the Mdl website at www.mdi.gov.my, email to [email protected] or through the Malaysian Insolvency Department Facebook page. — Bernama

Related Articles