Saturday, March 29, 2008

Re: The inhuman & suppressive Life as a bankrupt in Malaysia

AP amawyaji@yahoo. com... wrote:
>
> The STAR Friday March 7, 2008
>
>
> Life is tough for a bankrupt
>
> I AM writing in support of writer of "Temper punishment with
justice to bankrupts" as published in The Star on March 4.
>
> In the United Kingdom, the bankruptcy laws have been revised to
discharge bankrupts from a period of three years to one year.
>
> It gives them a second chance speedily as it is believed that
punishing bankrupts makes people fear taking risks.
>
> Reducing the cost of failure should stoke entrepreneurship. It
distinguishes between "no fault" bankrupts (corporate guarantors etc)
and those who have got into trouble simply by living beyond their
means. It is a policy of forgive and forget.
>
> In Australia, bankrupts have a choice of paying one third of their
debt for immediate discharge or wait for two years for automatic
discharge.
>
> In the United States, bankruptcy is a battle-honour among
businessmen and fairly painless for those who can't pay medical or
even credit card bills.
>
> In Malaysia, there are more than 160,000 bankrupts and the number
is increasing as there is no automatic discharge, which increases the
workload of the Official Assignee, Immigration and banks.
>
> Life is tough for bankrupts with so many restrictions imposed and
sometimes they are treated like pariahs or common criminals.
>
> An example is the restriction on overseas travel.
>
> Similar restriction is also imposed by the EPF, Income Tax Dept and
PTPTN.
>
> Whilst the spirit of the law is to ensure people do not flee the
country without settling their debts, it has been turned into a
punishment.
>
> Such criminalisation of financial debt is totally unjust.
>
> I would therefore urge the Government to urgently review the
Bankruptcy Act 1967 as well as EPF Act 1991 and other laws which are
antiquated.
>
>
>
> CONCERNED CITIZEN,
>
> Kuala Lumpur.
>
Is there any website that can refer to laws regarding bankrupt- do n
don't being a bankrupt in Malaysia.

Thank you.

*****.*****

Daripada Abu Umarah iaitu al-Bara' bin 'Azib radhiallahu anhuma, katanya: "Kita semua diperintah oleh Rasulullah s.a.w. untuk melakukan tujuh perkara, iaitu meninjau orang sakit, mengikuti janazah, menentasymitkan orang yang bersin, menolong orang yang lemah, membantu orang yang teraniaya, meratakan salam dan melaksanakan sumpah."

(Muttafaq 'alaih)

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