Malaysian Insolvency Department Announces Six-Month Deferment On Bankruptcy Repayments
Author Avatar


Bankrupt individuals will see some reprieve as the Malaysian Insolvency Department (MdI) has announced several initiatives to help them amidst the current financial climate. This includes a six-month deferment of their monthly repayments, starting from 1 April to 30 September 2020.

The deferment is applicable to all bankrupt individuals as well as those who have signed hire purchase agreements with the Insolvency director-general (KPI) or any receiving and settlement officers (PPp).

“For bankrupts who do not wish to take up this initiative, they can apply to continue with their payment at MdI branches which handled their bankruptcy cases,” said the department in a statement. According to MdI, this deferment aid is offered in line with the six-month automatic moratorium that was announced by Bank Negara Malaysia (BNM) on 25 March 2020.

The department further added that bankrupt individuals below the age of 55 who are facing cashflow problems can also withdraw up to RM500 from their Employees Provident Fund (EPF) Akaun 2 for 12 months. This also follows an earlier decision from the government to allow withdrawals from the retirement fund to tide Malaysians through this difficult time. Those who wish to tap into this initiative will have to make their own applications to EPF.

To find out more about the deferment programme, you can contact MdI at 03-88851065, 03-88851928, or 03-88851313. Alternatively, visit the department’s website or Facebook page, or send your enquiries to [email protected].

(Source: Bernama)

0 0 votes
Article Rating


Comments (0)

Notify of

Inline Feedbacks
View all comments
Top Debt Management Articles
Post Image
Things You Didn’t Know Can Help Reduce Your Credit Card Payment
Desiree Nair
- 14th March 2017
We’ve got a few ideas up our sleeves to help you bring down that bill and possibly even make future payments much more affordable!
Post Image
Tips to Help You Pay Off Your PTPTN Student Loan
Heeral Bhatt
- 25th January 2019
Graduated but piled up with PTPTN debt? Here are a few tips to manage the repayment of your student loan effectively.
Post Image
Cash Advance on Your Credit Card? Here’s What You Need to Know.
Diana Chai
- 5th July 2019
There are days when you need cash on the double and most (if not all) credit cards have this option. But before you run to your ATM; here are some things to think about.
Post Image
Best Balance Transfer Plans In Malaysia (June 2022)
Alex Cheong Pui Yin
- 10th June 2022
(Article updated on 10 June 2022.) Even during regular days, credit card balance transfer programmes are a good […]

Related articles

Related Posts Image
Related Posts Image
Related Posts Image
Related Posts Image