YOUR PERFECT LEGAL COMPANION
On September 2020, the Insolvency (Amendment) Bill 2020 (“Insolvency Bill”) was passed with a simple voice majority in the Dewan Rakyat without any amendments. The Bill seeks to amend the Insolvency Act 1967. Aim of Amendment The amendment is intended…
How can a bankrupt be released from his bankruptcy status? There are 3 ways in which a bankrupt can be released from his bankruptcy status: Discharge by court order A bankrupt must first apply from the DGI a certificate to…
After the amendments of Bankruptcy law in Malaysia, Section 2c(1) Insolvency Act 1967 stated that a debtor can now “propose a voluntary arrangement to his creditors any time before he is adjudged bankrupt.” Voluntary arrangement under the Insolvency Act 1967 gives…
The Star reported on 15th August 2018, stating some 64,632 Malaysians aged between 18 to 44 years old have been declared bankrupt over the last five years. Minister Liew Vui Keong said in a written reply that the highest cases…
There are 3 main ways to be discharged from a bankruptcy status: By way of discharge in court: the bankrupt may apply to the court to discharge himself from the bankruptcy status. The DGI has to produce a report on…
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…
5 Things to learn about the new Insolvency Act 1967 in Malaysia On 6 October 2017, the Bankruptcy (Amendment) Bill 2016 came into force, bringing about significant changes to bankruptcy regime in Malaysia. Note that the Bill renamed the…
Normally, once you are adjudged a bankrupt, you can apply to the official assignee for discharge via a proposition for settlement.
Section 38 the Bankruptcy Act – Consequences of refusal of discharge or of a bankrupt
If I am currently a bankrupt, how do I get myself discharged from bankruptcy?
Directors – can an adjudged bankrupt become a director of a company or operate a business? [s1103]
How can I defend against any bankruptcy proceedings filed against me? Generally, you can defend and/or resist the bankruptcy proceedings against you at any stage. However, under the Insolvency Act 1967, it is stated expressly that you can only resist…
Directors’ duties and liabilities in a company Where does he gets he power from? The directors powers and duties are stated in the articles of association and also the board where the power of management lies. What…
Whether a bankrupt can be appointed as a director?
How can I defend against any bankruptcy proceedings filed against me?