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BANKRUPTCY 5D (Act of Bankruptcy (:pen:Debtor failed to comply with a…
BANKRUPTCY 5D
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3) The Official Receiver will conduct a Public Examination or investigation as to the reason for his failure.
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4) First Creditor's Meeting will be conducted between creditor, debtor and official receiver.
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Cannot work with spouse, family or relatives' company except with DGI's or court permission :green_cross:
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Objectives of Bankruptcy
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:star:To investigate the reason for the debtor's insolvency so as to discourage or deter other people from incurring in debts they cannot pay.
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Act of Bankruptcy
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:pen:Declaration by debtor himself or his inability to pay debts. Must filed with Official Assignee.
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:pen: Makes a conveyance or assignment of his property to a trustee or trustees for the benefit of his creditors generally.
:pen:Makes fraudulent conveyance, gift, delivery or transfer of his property or of any part thereof to prevent distribution according to bankruptcy laws.
:pen:Fraudulent preference that is transfer of any of the debtor's properties to particular creditor with the intention of paying that creditor in full in preference to other creditor.
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FACTOR TO CONSIDER BEFORE INITIATE BANKRUPTCY PROCEEDING
:explode:value of debts must more than RM30,000.
:lock:cost of legal proceeding.
:check:moral & ethical consideration.
DEFINITION
:!:legal recognition of an individual debtor's inability to meet/pay his debts when they become due.
:!:governed by Bankruptcy Act (Revised 1988
Discharge of bankruptcy
Unconditional Discharge or Absolute Discharge
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:check:Granted to a bankrupt that makes the bankrupt free of all liabilities.
:red_cross:Borrower is not punished for the offence.
Conditional Discharge
:check: Means that a condition that properties will be acquired shall be disposed of in a certain way as determined by court.
:check: It also release the borrower without punishment provided that he is not convinced of any other offence within a specified period of time usually 3 years.
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Represented by Nadwa, Nabihah, Natasya and Khairul Zaman
we :<3: you miss zahidah :fire:
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