Generally, the incident of bankruptcy happening to us never crosses our mind. Being taken for a bankruptcy action can happen to anyone of us if you have debts. A sudden loss of employment or loss of the only source of income will put you in financial distress. As you’re unable to make debt repayment, you will face legal action. A financially literate person will make sure all his/her debts serviced and repaid. They know the inconveniences and hassles of being bankrupt.
The Bankruptcy Act 1967 and alongside the Bankruptcy (Amendment) Act 2017 makes up the bankruptcy law in Malaysia. A bankrupt is the legal status of a person who is unable to pay the debts owed to creditors. The court of law makes such declaration.
A bankruptcy proceeding can only be taken if the amount owing is at least RM50,000 or if you have committed an act of bankruptcy.
- The Current Law on Bankruptcy
- Latest Reforms of the Law
- Criteria for Bankruptcy and your decision making process
- Bankruptcy procedures
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