Debt recovery is a process of seeking payment from individuals/businesses when the amount payable is due but remains unpaid. Option 1: Court Action Step 1: Issue a letter to demand to your debtor to serve as a reasonable notice…
Year: 2018
New Cryptocurrency Regulation Comes Into Effect in Malaysia
Commencing from 27th February 2018, the new Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) policy guidelines for cryptocurrencies came into effect. The policy’s objective is to “ensure that effective measures are in place against money laundering and terrorism financing…
Joint Tenancy & Tenancy in Common, General Principles
Joint Tenancy vs Tenancy in Common: What are the differences? Co-ownership Where property is purchased under the joint names of two or more people, a ‘trust of land’ arises. Where there is a trust of land, the legal estate…
Case Update: Sales Tax Refund
Have your sales tax refund application been rejected by the Customs on the basis that the price of goods did not decrease or increase after the implementation of GST? Good news: The High Court had recently confirmed that the GST…
What is Testamentary Trust?
Testamentary Trust Defined: Testamentary trust a discretionary trust established under a Will. It does not come into effect until after the person (ie: the testator) die. Usually a person makes a Testamentary Trust when the beneficiary is still a…
How To Set Up A Partnership In Malaysia?
What constitutes a Partnership? Partnership is a business owned and run by two or more persons, but not exceeding 20 persons. In Malaysia, all economic partnerships are governed by the Partnership Act 1961. How to start a Partnership? Registration must…
[Premium Member] Case Update: Conversion out of Islam MUST be decided by Syariah Court only
“APOSTASY” means the formal abandonment or renunciation of a religion by a person, for example, to convert from Islam to Christian. In strict religious sense (hudud law), the punishment for apostasy is death, but luckily this is not enforced in…
Joint Tenancy vs Tenancy in Common: What Are The Differences?
Co-ownership Where property is purchased under the joint names of two or more people, a ‘trust of land’ arises. Where there is a trust of land, the legal estate and equitable estate of the property are separate. This simple means,…
Revised Definition For SMEs
Revised Definition for SMEs As many of you are aware of, SMEs enjoy various benefits including easy access to finances and soft loans, and sometimes financial guarantee for expansion and working capital. Since 2014, there was a revised definition for…
Employment Insurance System (EIS) [S240919.2]
What is the Employment Insurance System (EIS)? Most of you would be familiar with EPF (ie: a compulsory savings and retirement planning for private sector workers) and SOCSO (ie: protection in term of medical & cash benefits for work related…
Frequently Asked Questions About Purchasing A Property In Malaysia
FAQS ABOUT PURCHASING A PROPERTY IN MALAYSIA Purchasing a property may seem to be a simple buying and selling transaction to a lot of people. However, like all transactions, simple overlooking of things may make purchasing of a dream home…
Real Property Gains Tax In Malaysia
REAL PROPERTY GAINS TAX IN MALAYSIA (RPGT) Real Property Gains Tax (RPGT) is a form of Capital Gains Tax that is imposed on the disposal of property in Malaysia. It was suspended temporarily in 2008-2009, and reintroduced in 2010. In…
Common Queries About Divorce In Malaysia
Common Queries About Divorce in Malaysia 1. Must the couple live separately for two years before filing a divorce? It is not mandatory for a couple to live separately for 2 years before they can file for divorce. Separation for…
Dealing With Foreign Assets During The Administration Of An Estate
Dealing with Foreign Assets during the Administration of an Estate After a person dies, it is crucial to check if the deceased owns foreign property alongside with the assets he owns in the country he domiciled (ie: lived). Generally,…
When A Will Can Be Revoked?
When a Will can be Revoked? Marriage Your Will is automatically revoked if you marry or remarry. An exception to this is where your Will expressly provides a ‘contemplation of marriage’ clause that you are expecting to get married…
Purchasing properties in Penang, is it still as easy as it used to be?
To prevent the adverse effects of a property bubble and to attract genuine buyers rather than speculators,the Penang State Government has come out with their latest ruling in which come into effect on 1 February 2014, of imposing a 3%…
[Member] Preference Shares, A MUST Know If You Are Planning To Venture Into The Business World.
The first and most basic question is, what are preference shares? Preference shares, more commonly referred to as preferred stock, are shares of a company’s stock with dividends that are paid out to shareholders before common stock dividends are issued.…
What Will Happen After You Are Declared Bankrupt?
What Will Happen After You Are Declared Bankrupt? There are two ways in which a person can be made a bankrupt: Creditor’s Petition – A creditor may commence bankruptcy proceedings against an individual by serving them with a bankruptcy…
Supply of Tangible Goods Agreement
*explanatory notes: This Agreement is ideal for a fixed term for supply of goods/services on recurring basis (either monthly, quarterly etc) with credit terms payment (i.e 60 days terms). CONTRACT FOR PURCHASE OF GOODS AND/OR SERVICES THIS AGREEMENT is made…
Division Of Assets After A Divorce
Division of Assets After a Divorce If I get a divorce, do I automatically get 50% of the assets? According to the case of Yap Yen Piow v Hee Wee Eng [2016], there are three types asset/property for the purposes…