Why foul mouths need sterilizing?

Fears of bankruptcy? 27 March 2008

During the BUTL Group 4 briefing, many questions were raised but one question that was on everyone’s mind was bankruptcy. Most people think they know about bankruptcy and the same people also have the thought that they are ignorant about bankruptcy, especially how it is implemented in Malaysia. What do we know about bankruptcy? We know it from it’s definition, like how we know alot of other words that is sort of an imprint in our mind now since we were taught by our parents, teachers and peers. So here’s a definition from Webster’s website where it can be a noun, adjective or a transitive verb. Let’s just take the noun.

Bankrupt [noun]

1 a: a person who has done any of the acts that by law entitle creditors to have his or her estate administered for their benefit

b: a person judicially declared subject to having his or her estate administered under the bankrupt laws for the benefit of creditors

c: a person who becomes insolvent

2: a person who is completely lacking in a particular desirable quality or attribute <a moral bankrupt>

But what do we know about it in terms of it’s implementation here in Malaysia? Again, here’re the gist of it that was highlighted to us in the briefing.

• You can’t open a bank account, you can’t do business, can’t drive, can’t go overseas unless you get permission.
• In other countries, there’s an automatic discharge. When you are discharged, you are automatically declared as debt free and all other creditors will have to declare your debts as bad debts and we all move on from there. Some countries like the US is 3 years, the UK is even better – 1 year.
• Unfortunately, there is no automatic discharge in Malaysia but you can apply for discharge after 5 years but can u succeed?

Recently, if you have read one of the guest columnist in this website http://www.malaysia-today.net/2008/content/view/5055/84/ then this paragraph swings into mind.

Apart from the social stigma, you cannot open a bank account. You cannot run a business and international travel is restricted. Everything you own can be taken away and attempts by the Official Assignee, if they have the time of day for you, to discharge you in court, are inevitably blocked by your creditors. There are only three options. Live the life of a bankrupt till you die as there is no automatic discharge, leave the country or consider suicide which some bankrupts actually commit when you hear some of the cases that are brought up to the Credit Counseling and Debt Management Agency at Bank Negara. Bankruptcy is economic death and for some, especially if it is a dead end with no means of coming back, death itself is less painful. 

So I hope that this article here alleviates some of your doubts about what bankruptcy could mean. In a world where it’s politics is based on patronage, bankruptcy doesn’t mean much to those higher up the hierarchy, in monetary terms as least. You can be a bankrupt but your family & friends & cronies are always there to make your life as comfortable as possible & will make sure of approved applications for overseas relaxation cum seminar for partners in scams to receive your advise, etc, etc. But it may prove to be a dead end if you are just an average joe, ali, ah kow or mutu.

You may think you are apolitical. You may insist you are. You may also want to stay where you are just like you insist that you are – apolitical. But one thing that is upon us is that to understand your role in society & what you can and cannot, should and should not, must and must not do is to first understand how your society works. Alas, whether you like it or not, in today’s society, or today’s society in Malaysia, politics is upon us. You may not need to embrace it, but you must at least understand it. I understand alot now by being more active in solving my BUTL dilemmas. I hope you do too. Cya in the JMB 1st meeting. Good luck y’all.