50 Celebs Still Classified As Bankrupts Says Insolvency Dept

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Some bankrupt artistes continue to flaunt lavish lifestyles on social media, yet fail to make even minimal monthly payments, according to the insolvency department’s director-general.
PETALING JAYA: Some 50 celebrities, including a well-known singer with a “Datuk” title, are still classified as bankrupt, according to the insolvency department.
Its director-general, M Bakri Abd Majid, said these “wealthy artistes” are unwilling to cooperate in fulfilling their monthly obligations to service loans and make other outstanding payments, thus hindering their release from bankruptcy.
M Bakri Abd Majid.He said some of these cases are more than five years old, Berita Harian reported.
Bakri said though bankrupt, some of them continue to display their lavish lifestyles on social media and neglect to make even small monthly payments.
“Although the number of bankrupt celebrities in the country is not high, those with a significant fan base should set a good example for the public,” he said.
It is understood that the list includes two famous rock singers, several popular actors, entrepreneurs, corporate figures, and even politicians.
According to Bakri, compliance with the insolvency department’s rules could help bankrupt individuals regain financial freedom within three to five years.
“The key criteria for their release include being a ‘good bankrupt’. This involves consistently making the required monthly contributions and submitting income and expenditure reports every six months to the department,” he said.
He said the insolvency department is willing to assist bankrupt individuals, including approving overseas travel for valid reasons, but some misuse this leniency.
Some bankrupt artistes also hide their income by funneling it into accounts belonging to others, including family members, to evade detection by the insolvency department.
Bakri warned that strict action would be taken against those attempting to conceal their income.
“Bankrupt individuals are permitted to maintain only one bank account,” he said. - FMT

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