Online bankruptcy notification

The Malaysian Department of Insolvency (MdI) is introducing an on-line Insolvency Notification System (INS) from Jan 1 next year to facilitate the process of publicising information of those who have been declared bankrupt and companies that have been wound up.

Minister in the Prime Minister's Department Nancy Shukri said INS would replace the method of serving the notice or first letter by MdI through mail to the bank after the court issued the bankruptcy or winding up order.

"MdI will upload the list of individuals who are bankrupt or names of companies which have been issued with the winding up order within 24 hours to the MDI portal," she told a media conference after the Insolvency Dialogue 2013 here today.

She said the system aimed to facilitate the process of publicising information of those who had been declared bankrupt and companies that had been wound up.

"This system can further expedite handing over of money or securities owned by the individuals or companies concerned which are kept in the banks to the Director-General of Insolvency," she added.