Bankruptcy refers to a process where a debtor will be declared a bankrupt pursuant to a court order on the creditor’s petition or the debtor’s petition. All the unsecured property belonging to the bankrupt will be vested on the Director General of Insolvency (DGI) and the DGI has the responsibility to realize all such assets. The proceeds of the sale will be distributed among creditors who have filed their proof of debts and the debts have been admitted by the DGI.
Level 2-3, Legal Affairs Building, Presint 3, Federal Government Administrative Centre 62692 Putrajaya
Tel : 03-8885 1000 Fax : 03-8885 1303
E-mel : webmaster at mdi dot gov dot my
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- Last Updated:18 April 2024.