Do you know what is MDI and what they do?

After discussion on what is Bankruptcy..how a person can be made bankrupt and the impact of being a bankrupt. Let us know get to know MDI, a department responsible for bankruptcy cases in Malaysia...

MALAYSIAN DEPARTMENT OF INSOLVENCY (MDI)

Malaysia Department of Insolvency served as Malaysia’s insolvency regulatory body has given the authority to administer bankruptcy affairs in pursuant to the Bankruptcy Act 1967 and Bankruptcy Rules 1969. MDI also administers deregistered associations, winding up companies and deregistered trade unions in pursuant to the respective rules and regulations. The primary activities of MDI are identification of asset, realization of asset, ascertainment of debt, and disbursement of payment to the creditor. Among other pertinent functions of MDI are as follows:

• To perform investigation and enforcement of relevant laws in relation to any illegal conducts commit by the bankrupts’ person pursuant to the relevant act such as the Bankruptcy Act 1967 and the Companies Act 1965
• To conduct prosecution of all criminal and quasi-criminal cases pursuant to the Bankruptcy Act 1967 and the Companies Act 1965
• To represent the Government of Malaysia in all civil proceedings in court in relation to bankrupts and wound-up companies
• To provide search services on individual bankruptcy status and companies status such as Insolvency Notification System (INS)

MDI works closely with other authorities in enhancing its roles and expertise of government insolvency regulator. In fact, MDI is a member of the International Association of Insolvency Regulators (IAIR). IAIR is a central body that brings along other government insolvency regulators around the world to share and exchange experiences and expertise among each other.

MDI is directed by the Director General of Insolvency (DGI). The position of the DGI is designated to administer the bankruptcy affairs and winding up of companies. The DGI also conducts as an Official Receiver (OR) and a provisional liquidator in the case of private-sector insolvency practitioner is not appointed.

REFERENCE:

http://www.insolvensi.gov.my/ms/