7 Tips on Bankruptcy in Malaysia

Bankruptcy Law In Malaysia and Legal Tips Publications Articles

How Do I get out of a Bankruptcy via Discharge or Annulment?

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Some innocent folks, trusted the wrong people and were unwittingly made bankrupt. Some folks’ businesses went south and were made bankrupt. These are the paths you can take, to get out of your bankruptcy nightmare.

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Bankruptcy Discharge passport go anywhere anytime Full Settlement Creditor

Versi Bahasa 中文版 I was one of the three directors in a company. What was a supposed happy and proud achievement and …

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I would like to thank you Messrs Alex Chang & Co for helping me to extract a letter of discharge as a …

I have been plagued by an oversight which made me a bankrupt sometime ago. Before I came to Alex Chang & Co. …

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Within 3 months if you pay all the creditors the negotiated sums.

Everyone has a different set of issues, we can provide you with a free estimate. 

We get this questions a lot, it is not impossible but very difficult… 

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124 Thoughts on 7 Tips on Bankruptcy in Malaysia
    Elinor
    4 Jan 2018
    10:45pm

    Hi,
    I am a declared bankruptcy for more than 5 years due to many personal reasons.

    I need to travel abroad in later this year and need your advise. im in between jobs at times and this current job i hope to retain for long and make me able to be ‘breathe’ again.

    Kindly advise

      Alex Chang
      1 Jan 2018
      9:58pm

      Dear Reader
      Thank you for submitting your question.

      A bankrupt may apply to the Director General of Insolvency, DGI
      for leave/ permission to travel overseas, subject to the terms and conditions
      set out by the DGI.

      We are happy to help, for a small fee please Whatsapp/ Viber us at +60122273289.

      Thanks again.
      Best Regards

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

    aitee
    27 Oct 2016
    2:52pm

    Hi,
    my father, mother and sister are bankrupt and their bankruptcy reached 5 years soon (by the end of Dec 2015).

    My father (54 years old) was business man previously and he use my sister’s and mother’s (52 years old) name for other company and bank loan too.

    At the end all of them became bankruptcy. One of the reasons is that we were betrayed by a partner in the business; at the end my family had to bear all the loses as their names were registered in the company.

    Because of this, we have tried many lawyers in the hope to get my sister discharge from bankruptcy as she is still young at only 27 yeas old.

    She is working in travel field and it block her from travelling around and facing alot of restriction. She been sued by 2 company with amount RM50K++ & RM800K++, one of the debtor did hire lawyer and they insist don’t wan to settle. We also do not have so much money to clear the debt. I have search around and heard that after 5 years, they may have the chance to apply for discharge from bankruptcy. May i know is there any way to get my family discharge from bankruptcy? or is there anyway to get discount from them? Do really hope you may help. Thanks. Please do contact me if you may help on this case.Hi,
    my father, mother and sister are bankrupt and their bankruptcy reached 5 years soon (by the end of Dec 2015).

    My father (54 years old) was business man previously and he use my sister’s and mother’s (52 years old) name for other company and bank loan too.

    At the end all of them became bankruptcy. One of the reasons is that we were betrayed by a partner in the business; at the end my family had to bear all the loses as their names were registered in the company.

    Because of this, we have tried many lawyers in the hope to get my sister discharge from bankruptcy as she is still young at only 27 yeas old. She is working in the travel industries and the bankruptcy blocked her from travelling and imposed many restrictions.

    She has 2 creditors amounting to RM50,000; RM800,000, one of the creditors did hire a lawyer and they are persistent that they don’t want to reach a settlement with our family. We do not have sufficient to clear the debts.

    I heard, after 5 years, they may have the opportunity to apply for a discharge from bankruptcy. May I know to apply for a discharge from bankruptcy?

    Is there anyway to get a discount from the Creditors?

    Do really hope you may help. Thanks. Please do contact me if you may help on this case.

      Alex Chang
      29 Oct 2016
      10:01am

      Yes we are able to assist you in the application for a discharge provided certain criteria are met, it is also possible to appeal to the creditors for a discount.

      Please contact us for more details.

    Kanga
    15 Mar 2017
    2:28pm

    Hi Sir, I have a hired purchase loan with one of the bank. The bank’s officer called me last week and informed me that they want to file a bankruptcy proceeding against me due to my bad debts above RM30,000.

    My car was repossessed in December 2015. I went to the bank a few times to negotiate the payment of the total outstanding sum but it was turned down and the bank demanded that I pay the full outstanding amount.

    When my car was repossessed, the value of the car was around RM20,000.00 to RM25,000.00 and the bank refused to accept my proposal. The bank mentioned that the car will be auctioned, and once the car has been sold, they will inform me of the balance amount I need to pay. But on the last occasion I spoke to the bank and the bank claimed that the my car has been disposed.

    The bank is demanding that I pay the amount of RM65,000.00 to clear my bad debt and to avoid a bankruptcy proceeding filed against me. I am told by the bank’s officer that I will personally go to the bank and get more details. But the bank’s officer said that there is no point for me to go the bank as they have decided to file a bankruptcy proceeding against me. The bank’s officer asked me to settle the sum of RM32,000.00 within 3 days to avoid a bankruptcy proceeding filed against me which will take effect by this month. Please assist me and how can I….

      CHOW
      29 Mar 2017
      10:22pm

      Dear sir,

      Before the bank can file a bankruptcy proceeding against you, the bank must first file a suit and enter judgment against you. You have to check if you were served with a writ of summons from the bank. If you have, then whether the bank has already entered judgment against you.

      Once a bankruptcy proceeding is filed against you, the bank will have to serve on you the bankruptcy notice and the creditors’ petition. Therefore you will have to keep a look out for these documents.

      With respect to the bank’s demand, please check with your bank the breakdown of your debt, that is how much has been paid and what is the outstanding sum. There is no reason why the bank should refuse to provide you the details of your outstanding debt. You should request from the bank a proper statement of accounts with respect to your debt.
      Thanks
      Best Regards

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

    Mandila Jackson
    8 Oct 2016
    10:14pm

    TҺanks for offering tһіs kind of ցood cߋntent.

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