On 17 November 2016, a Memorandum of Understanding was signed between the Malaysian Department of Insolvency (“MDI”) and Rimbun on a Joint Collaboration to manage insolvency cases in Malaysia. This marks a new milestone in the joint collaboration between a federal agency and private entity in the administration of insolvency related matters in the country.
The joint collaboration was formalised on 11 August 2017 when the MDI and Rimbun signed an agreement wherein the Official Receiver and Liquidator from MDI shall appoint Rimbun as its agent to manage the winding-up affairs of companies in compulsory liquidation. This joint collaboration was further extended to include individual bankruptcy cases in an agreement signed between MDI and Rimbun on 24 November 2017. Under this arrangement, Dato’ Raveendra Kumar Nathan of Rimbun is appointed as agent to facilitate the Official Assignee in the recovery and disposal of assets of individual bankrupts.MOU Signing between
Jabatan Insolvency Malaysia and Rimbun