Insolvency Dept offers six-month moratorium for bankrupt Malaysians

Bankrupt individuals under the age of 55 can also withdraw up to RM500 a month from their Employees Provident Fund account for 12 months.

PETALING JAYA: The Insolvency Department is offering a six-month moratorium on monthly payments of bankrupt Malaysians to assist them during the current economic situation due to the Covid-19 crisis.

The moratorium will last until Sept 30. Those who do not wish to take up the offer may continue their monthly payments to their relevant department branches.

It also decided to allow bankrupt individuals under the age of 55 to withdraw up to RM500 a month from their Employees Provident Fund (EPF) account for 12 months.

This comes after Putrajaya allowed contributors to make withdrawals from their EPF Account 2 for up to 12 months, with a maximum of RM500 per month.

Individuals who have signed an agreement with the department’s director-general or liquidation officer for the acquisition of any of their assets can also request for a six-month suspension.

This will be subject to the decision of the director-general or liquidation officer. - FMT