Generally, the idea of getting bankrupt never crosses our minds, but being declared bankrupt can happen to anyone with some form of debt.
A sudden loss of employment or the only source of income will put you in financial distress, and if you are unable to make debt repayment, you will face legal action.
Heres what you need to know about the bankruptcy processes in Malaysia.
1. Bankruptcy defined
The bankruptcy law in Malaysia is made up of Bankruptcy Act 1967 and the Bankruptcy (Amendment) Act 2020.
Bankrupt is the legal status of a person or organisation unable to pay the debts owed to creditors. The court of law makes such a declaration.
If you are unable to pay you…
Read the full article at: https://www.freemalaysiatoday.com/category/leisure/money/2021/03/27/all-you-need-to-know-about-bankruptcy-in-malaysia/
