Forum Bi.. ( Bankruptcy)

Topic : Many Cause Make People Bankrupt

Unsucccesful Businessman : Muhammad Khaidir bin Ahmad Radzi
Succesful Businessman : Muhammad Shauqi bin Osmera
Constant : Syamsol Ma’arif
Director General Of Insolvency :Mohd Azwan bin Bahari
Moderator : Nur Atiqah (Kiky)

Moderator : Assalamualaikum, and a very good morning to all the addience in the studio and also at home. Today’s Topic is “Many cause can make people bankrupt”. To discuss our topic i would like to introduce our special guest. From my left is mister Muhd khaidir as a Unsucessful
Businessman and mister Syamsol Ma’arif as a conslatant and from my right mister Muhd Shauqi as a Succesful Businessman and the last one is mister Mohd Azwan as a Director General at insolvency. First at all, i would like to ask mister Shamsul Ma’arif, can you explain
what is bankrupt and how can one declared bankrupt ?

Mister Syamsol : Before that, thanks for invite me to your forum. Bankrupt is bankruptcy divison headquarters was established at the insolvency department to manage / regulate and resolve problems in matters related to bankruptcy causes. Someone can declared bankruptcy
in 2 ways, first the individual application and second is application by the provider of debt.

Moderator : Ok, Now i want to ask you, mister Khaidir, how a person is bankrupt either losing property or business ? Can you explain how ?

Mister Khaidir : If you are declared bankrupt and own a business, it will be closed as soon as the bankruptcy order has been made. This means that your employees will be dismissed. You will not be able to be involved informing, managing or promoting a new company without the
permission of the court. And When you are declared bankrupt, you have to hand over all valuable assets (including your home) to the trustee. If you are in the process of leasing or buying a product on hire purchase it will be taken away from you and returned to the
original owner.

Moderator : Ok thanks for sharing your discussion yes, we may lose property or business if someone is blacklisted. Mister Shauqi, What is your suggestions to improve finances or to avoid going bankrupt? can you explain.

Mister Shauqi : First, make a list of your debts and write down the phone number to each of your creditors. You may able to avoid filling bankruptcy if you are able to make payment agreements with each of your creditor. Second, change your spending habits. Cut back on extras like eating out. Third, cut up your credit cards. Credit cards can contribute to bankruptcy because they allows you to spend frivolously.

Moderator : Ok, thanks to your suggestion, Now, lets we move on to our director general of insolvency, mister Azwan, how about you? What are the roles and responsibilities of the director general of insolvency?

Mister Azwan : Roles and responsibilities of the director general of insolvency is investigate the assets, liabilities and affairs of the bankrupt, divide the property to creditors, investigate and take action against any party under section 55 (5) of the bankruptcy act 1967, considering the application of the bankrupt, and the saleof asset and other and provide a report to the court.

Moderator : Okay thank you, as a director general of insolvency. How about you, mister Syamsul. Can you explain about the responsibilities of a bankrupt?

Mister Syamsol : The responsibility of a bankrupt is present to the department of insolvency Malaysia soon, comply with all court orders and directives of the bankrupt act 1967, and submit a statement of income and expenditure every six (6) month.

Moderator : Thanks you, mister Syamsol, next question goes to mister Khaidir. What are the affect of bankrupt to a person like you?

Mister Khaidir : Yes, affect when a person is adjudicated a bankrupt. All property vested in bankrupt to the director general (debtor lost the right and control), all matter and liabilities administered by the director general and director general of insolvency shall take and keep all books, papers and related documents.

Moderator: Ouch okay, the main function of the bankruptcy section? Can you explain, mister Azwan.

Mister Azwan : The main function of bankruptcy section is ensure the administration of bankruptcy Cases to the implemented efficiency and in accordance with the provisions of the bankruptcy Act 1967. Advertise and submit order acceptance and the order of Adjunction. Accept and reject a proof of debt from is filled by creditors and provides dividend scheme.

Moderator: Thanks for director general, how about your mister Shauqi? I want to ask you about causes bankruptcy? I think many causes can make people bankrupt. Maybe U can story about this and explain how it occurs?


Mister Shauqi: Bankruptcy occurs for a number of reasons, both within and exclusive of a person’s control. One reason individuals can file for bankruptcy is personal debt. Namely credit cards , personal loans, mortgages and car notes. When a person Is no longer able to make minimum monthly payments, she has two choices: allow her debtors to seek legal action against her or to use the bankruptcy law. Which Option a consumer chooses depend s on his individual situation and the reasons he had for filling bankruptcy.

Moderator : Thank you mister shauqi for your story .okay how I’m going to ask mister syamsol On how mister khaidir should have been done after he have been done bankrupt.

Mister Syamsol : As we know mister Khaidir cannot open other business until his name is cleared from any debt and bankrupt status. So what mister khaidir have to do after his has gone bankrupt, if mister Khaidir want to open up a new business is mister Khaidir must settle all his debt and make sure that he must have a strong financial Status.

Mister Khaidir : There are lot of causes that have make me gone bankrupt. Some of them are my personal problem. Since i open up this business i have a lot of debt not just with Bank but with other people also .so the way to settle all the debt the bank and General Director of insolvency has declared me as a bankrupt person.

Moderator : Thank you mister Khaidir for you explanation the next question I’m going to ask Mister Shauqi , how can you be a successful businessman and avoided the Causes of bankrupt?

Mister Shauqi : It is true that I’m a successful business but at the same time I’m also facing the Same problem as mister Khaidir but I can manage my debt and settle it in order to avoid myself from being a bankrupt person. And i give you four (4) Tips For The Successful Businessman, First, Vision The businessman should also have a clear view on what is happening in the market. From very far he should recognize his potential customers and "attack" them at the right moment. At the same time he should be aware of the dangers that surround him, anticipate, absorb the environment and be prepared to act immediately.Second, Knowledge He should know all about the products he sells from beginning to end, every detail should be an open book to him.
Third, Enough is enough This phenomenom also holds a wise lesson for the businessman. He has to restrict himself to a number of products he can handle and products that matches his skills and abilities. The last tips is, Courage You see, the businessman can learn a great deal from this majestic bird that embodies not only beauty, strength and freedom but that possesses also the essential conditions and abilities to survive.

Moderator : I think that’s all for our discussion today. Hope all of us get more information on this topic. Before we end this forum, i would like to thanks to our guest mister Khaidir, mister Shauqi, mister Syamsol and mister Azwan because willing to share their opinion and story. Okay, we meet again next week on another interesting.
Assalammualaikum and good bye!