Thursday, March 01, 2007

today i had the chance to attend a seminar on the development of bankruptcy law in Malaysia held by the bar committee..and the speaker was none other than Mr. G K Ganesan...

who would have thought that the scope of the seminar would be very much relevant to morality and humanity...i was so impressed by the presentation and how it is related to this sacred practice...again..when i come to think about almost anything..we cannot isolate ourselves from the very principle of justice, humanity and morality through law..

here are a few points that were put forward by Mr. Ganesan that really caught my attention:

1) Mr Ganesan started off by saying (as per his book on bankruptcy)- "Bankruptcy starts because of credit" and in Al-Quran it is very clear that Islam in the very beginning of its teaching had banned the practice of usury/riba in its entirety.

2) 99.9% of bankruptcy cases in Malaysia involve credit card facilities.

3) why do we need official assignee in bankruptcy cases?-by referring to the early history of bankruptcy law, when a person is a bankrupt, the creditors who happened to be the rich used this as a means to oppress the poor ie the bankrupt..and as of now..under section 33 of the Act, a wide power is vested in the Director General of Insolvency to discharge a bankrupt..ironically..this provision instead of being used to protect those honest people under the disability to discharge themselves from the debt, has been abused excessively to protect highly politically motivated people, then again affirms the notion that sometimes law only benefits the rich and grinds the poor...

4) the very basic nature of the economic system of Malaysia which is dominantly based on credit is very much within the perimeter of the Jewish policy which eventually takes you out of the system and then put a new man in the system and when the new man in the system fails on technicality..he would eventually join the people which have already been ditched out of the system..with three times interest on the principal sum..i guess i understand the very notion of how this system is so much priceless to those who created the very system and use the tool of law to deteriorate the very basic principle of justice and keeping the balance within a just society...

in conclusion, no matter how much people allege us of being so rhetoric when it comes to law, its is undeniably true that we can never run away from our conscience that keeps telling us to do the right thing...

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