Debt Recovery Collection Best Legal Procedures In Malaysia

Debt Recovery

The Secrets About Debt Recovery & Collection In Kuala Lumpur Malaysia

If  you want to  get your money back quick, read on.

The first half is recovery against a Company and the other part is when your debtor is NOT a Company.

 

WHAT IS THE FASTEST METHOD IN DEBT RECOVERY AGAINST A COMPANY?

File a companies winding up petition WITHOUT getting a judgment (going the long process of trial).

Winding Up Without a Judgment Petition Malaysia

Filing a Companies Winding Up Petition against your debtors (who are a company, in Malaysia they are BERHAD, BHD, or a Private Limited Company, SENDIRIAN BERHAD, Sdn Bhd),  is the fastest method of recovery.

What is the Alternative

The alternative will be a filing of a Writ of Summons to get a judgment then file a winding up petition AFTER getting a judgment.

 

HOW SOON: USUALY WITHIN 6 MONTHS

From our experience it takes about 6 months from the time we issue a letter of demand till the recovery of the debts.

 

WHY MUST I ACT NOW: WHY NOT LET OTHER CREDITORS START THE PROCESS FIRST

In this debt recovery game the sooner you start your recovery process the sooner you will be paid. The reason is simple, we have experienced a matter where there are about 60 creditors taking legal actions at the same time, only less than 5 received payment.

 

Get a FREE NO OBLIGATION Quotation for your matter...

 

HOW & WHY- FREEZING OF ASSETS

Once we have filed a companies winding up petition against the debtors, we will usually proceed to take legal action to freeze the assets of the company, all these will take place within two months of filing the action in court, once that is achieved, when the winding up order is finally made, the monies in their bank accounts and the assets are intact for the Liquidator to collect and distribute to the creditors.

 

REVIEWS OF OUR CLIENTS

 

 

MY DEBTOR IS NOT A COMPANY

SUMMARY JUDGMENT FOR THE INDIVIDUAL DEBTORS

In Malaysia, once a matter is filed in Court, generally it takes about a year for the matter to be concluded.  For the various procedures in the Malaysian Court, click here.  After the hearing, the Court may grant you a Judgment,
after getting a judgment, you need to execute the judgment.

To understand how to recover your debts you must understand the entire procedure in order to effectively collect your outstanding debts from the beginning till the time your debt is collected.

 

JUDGMENTS DO NOT EQUAL RECOVERY OF YOUR MONEY

After you have gone through the lengthy process of completing the entire proceedings (at times including a trial) and then getting a judgment against your debtors, it does not automatically means that the debtors will automatically pay the debts automatically.

You will have to commence execution proceedings such as a companies winding up petition (after judgment), Bankruptcy Petition or a Writ of Seizure and Sale.

There is faster way of obtaining a judgment rather than going for a trial, the process is called summary judgment and we have written an article please click on the article below.

Fastest Way to Get a Judgment in Debt Recovery Summary Judgment

HOW TO SEIZE THE ASSETS OF THE DEBTOR WITH A JUDGMENT

Send in the SEAL Team To Extract Your Lost Funds

Frequently Asked Question: How can an unsecured creditor recover their debts?

The perception on this is that only bankers and secured creditors may recover their debts.  This is generally true.

Can unsecured Creditors get paid ahead of the Bankers?

The short answer is YES, click here to read more.  See the Reviews from our clients

 

 

 

How Do I Submit My Debt Recovery Query

Please click here for the guideline or  checklist  OR  If you would like to submit a Debt Recovery Query Form directly to us.

 

 

WHO MOVED MY MONEY? Your debtors…

In one the following cases you will find that in FW V Suitech the Provisional Liquidator was appointed in November 2007 and the Company was wound up in January 2008 (see also Pay up or Wind Up) the whole process took about 3 months:

These are the brand new cases published in 2008 (reported Back to Back):

FW Industries v Suitech (the Original grounds written by the learned Judge Hishamudin, who was later elevated to the Court of Appeal and retired in the year 2015, Get a FREE NO OBLIGATION Quotation for your matter...
published in the Current Law Journal: [2008] 3 CLJ 210


PECD V FREEHOLD (the original grounds written by the learned Judge, now Judge of the Court of Appeal Dato Vincent Ng, published  in the Current Law Journal:
[2008] 3 CLJ 215

Visit Current Law Journal www.cljlaw.com to download a copy of the actual report.  See the Reviews from our clients

Inquire About This Service

 

Sort Comments

66 Thoughts on Debt Recovery Collection Best Legal Procedures In Malaysia
    Samer
    13 Sep 2017
    12:36pm

    Dear Alex

    I have Done a business agreement with A Sdn Bhd company.

    once the supplier couldn’t fulfill his promises by delivering the goods of RM 1xxk, i requested a full refund but he kept delaying and avoiding till I pressured him to write me a cheque.

    However, he told me he doesn’t have balance and i should wait till he inform me when to deposit it.

    What shall i do?

      Alex Chang
      17 Sep 2017
      2:37pm

      Dear Sam

      Whenever a debtor asks the creditors to wait, you have a choice to wait for a while then after your patience run out then you can decide to take legal action. Usually (in the absence of special circumstances) we will perhaps wait for two to four weeks.

      Thanks again.
      Best Regards

      Alex Chang
      Alex CHANG & Co
      Cell/ Whatsapp/ Viber +60122273289
      HK: +852-8170-3389
      http://www.AlexChangLaw.com
      http://alexchanglaw.com/index.php/disclaimer-terms-conditions-website-electronic-communications/

    Punit Hadvani
    11 Feb 2017
    11:32pm

    Dear Mr Alex Chang
    I am exporter of Agri Commodity in India.I have export cumin Seed in Malaysia. Total Value of Payment is around US$35,000/- but this company did not send the payment in last week.
    They have given TT copy but the TT copy is not aunthicated so it cannot be cashed.
    so i am what type of Legal action taken for This company.pl help for recovery of payment and next week i am going to malaysia.

    Company Information :
    Axxxxxxxxx Trading SDN BHD
    Peatling Jaya Selangor, Malaysia.
    Mr azan- +6014 xxxxxxxx (senior manager)
    Mr danny- +6014 xxxxxxxx (import manager)
    Mr Bharat -+6011 xxxxxxxx (Boss)

    so please suggest what type of legal action can be taken for this company and how much will be the charges for debt recovery.

    Garie Ung
    27 Jan 2016
    1:07pm

    We are a company work under S********. However, we are not dealing directly with the company as we are only one of the sub-contractors of the principal/ owner of the project. S******** claimed that they have made the payment to the company (principal) but the principal owed us up to RM 100,000 (around 3 months payment) and now we are still unable to recover the outstanding debts/ sum. What actions can we take? Thank You.

      Cayden
      3 Feb 2016
      3:33pm

      It’s a relief to find sooemne who can explain things so well

        Alex Chang
        5 Feb 2016
        10:08pm

        Thank you so much. We are trying our best to share some information that we have acquired over the years.

        Alex

      Alex Chang
      28 Jan 2016
      1:38pm

      Dear Mr Ung

      Thank you for your mail.

      We will normally advise you to take legal action immediately while the debtor is still in operation.
      Pls call us to make an appointment so that we can tell you in greater details.

    Leah
    9 Oct 2016
    3:37am

    Hello There. I discovered your blog using msn.

    That is a very neatly written article. I’ll make sure to bookmark it
    and return to learn extra of your useful information. Thanks for the post.
    I’ll definitely come back.

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