Best Bankruptcy & Debt Lawyers in Kuala Lumpur

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Thomas Philip
Kuala Lumpur, Malaysia

Founded in 2000
10 people in their team
Malay
Disputes Resolved.Thomas Philip has grown to become the largest dispute resolution only firm in Malaysia, focused solely on civil and commercial litigation, arbitration and mediation.Integrity.Commitment.Results.Our success is measured by how well we achieve our clients' business and legal...
Arifin & Partners
Kuala Lumpur, Malaysia

Founded in 1977
English
Established in 1977, Arifin & Partners is a distinguished Malaysian law firm with over four decades of experience, offering comprehensive legal services across various practice areas. The firm's expertise encompasses banking, conveyancing, corporate and commercial law, family law, litigation and...
GK Ganesan (International Arbitrator)
Kuala Lumpur, Malaysia

Founded in 1993
English
GK Ganesan (International Arbitrator) is a distinguished Malaysian law firm renowned for its expertise in international commercial arbitration and a broad spectrum of legal services. The firm specializes in areas such as insurance, bankruptcy, divorce, elder law, employment, family law,...
Lee Law Chambers
Kuala Lumpur, Malaysia

Founded in 2000
English
Lee Law Chambers, a prominent law firm in Malaysia, is renowned for its comprehensive legal expertise spanning various practice areas, including civil law, family law, bankruptcy, and real estate. The firm's dedicated team of attorneys offers nuanced and strategic legal solutions tailored to meet...
Wong Chambers
Kuala Lumpur, Malaysia

Founded in 2013
English
Wong Chambers, established in 2013, is a boutique law firm in Kuala Lumpur, Malaysia, renowned for delivering tailored legal solutions that are both practical and commercially sound. The firm specializes in civil and commercial litigation, arbitration, and alternative dispute resolution, as well as...
WenJie & Co.
Kuala Lumpur, Malaysia

Founded in 2021
5 people in their team
English
Chinese
Malay
We are a reputable law firm in Kuala Lumpur, Malaysia made up of professional lawyers in Kuala Lumpur, Malaysia and dedicated to providing clients with exceptional legal services and a comfortable experience. We have been recognized as one of the leading firms in Kuala Lumpur and lawyer firm...

Founded in 2018
10 people in their team
English
Nazreen Oon & Partners, established in November 2018, is a boutique law firm in Malaysia offering a comprehensive range of legal services, including commercial, corporate, civil, conveyancing, and criminal defense. The firm is co-founded by Muhammad Nazreen Jaafar Bin Dato’ Abdullah and...

Founded in 1970
English
Yong Wong & Chin Advocates (YWC Chambers) is a distinguished law firm based in Miri, Sarawak, Malaysia, with a legacy dating back to 1970. Founded by Datuk Amar Stephen Yong, Datuk C.T. Wong, and Mr. Chin Yung Yett, the firm has evolved into a reputable legal establishment, maintaining associations...
Cassandra Lee Chambers
Kuala Lumpur, Malaysia

Founded in 2021
English
Cassandra Lee Chambers (CLC) is a distinguished Malaysian law firm specializing in wills, trusts, probate, wealth management, and estate planning. The firm offers comprehensive services tailored to clients with complex family structures or specific, unconventional needs. CLC's expertise extends to...
Messrs. Julian Stephanie
Kuala Lumpur, Malaysia

Founded in 2018
English
Messrs. Julian Stephanie, established in January 2018 by partners Julian Chan and Stephanie Ang, is a boutique law firm in Malaysia renowned for its innovative approach and commitment to excellence. The firm specializes in real estate disputes, restructuring and insolvency, employment and benefits,...
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About Bankruptcy & Debt Law in Kuala Lumpur, Malaysia

Bankruptcy and debt law in Kuala Lumpur, Malaysia, is designed to provide a legal framework for individuals and companies unable to repay their debts. This framework is primarily governed by the Insolvency Act 1967 for individual bankruptcies and the Companies Act 2016 for corporate insolvencies. The legal processes aim to ensure fair treatment of creditors while providing an opportunity for debtors to get a fresh start. Kuala Lumpur, being Malaysia's capital, is home to numerous legal professionals and institutions that specialize in providing legal advice and support related to bankruptcy and debt.

Why You May Need a Lawyer

There are numerous situations where someone might require the expertise of a bankruptcy and debt lawyer in Kuala Lumpur:

  • If you are overwhelmed by debt and unable to manage repayments, a lawyer can help explore your options, whether it’s filing for bankruptcy or negotiating with creditors.
  • Businesses facing insolvency might need legal assistance to navigate corporate restructuring or liquidation.
  • Creditors seeking to recover debts may require a lawyer to ensure proper legal procedures are followed in recovering what's owed.
  • Disputes over debts, such as alleged unfair treatment by creditors or contesting the terms of a loan agreement, often benefit from legal guidance.

Local Laws Overview

In Kuala Lumpur, bankruptcy and debt matters for individuals are predominantly governed by the Insolvency Act 1967. Key aspects include:

  • A debtor can be declared bankrupt if they owe RM50,000 or more.
  • There is an automatic discharge from bankruptcy after five years, subject to conditions set by the Director General of Insolvency (DGI).

For businesses, the Companies Act 2016 outlines processes for insolvency, including:

  • Corporate Voluntary Arrangements and Judicial Management to help companies restructure debts and continue operations.
  • Winding-up procedures if a company cannot settle its debts.

Frequently Asked Questions

What is the minimum debt amount for a bankruptcy petition to be filed in Malaysia?

The minimum debt threshold for a bankruptcy petition is RM50,000.

How long does bankruptcy last in Malaysia?

In Malaysia, bankruptcy generally lasts five years, after which a bankrupt individual may be automatically discharged, subject to compliance with certain conditions set by the DGI.

What assets can a bankrupt individual keep?

Basic necessities like household furniture, clothing, and tools of trade/unlimited value (excluding motor vehicles) are typically protected, but assets like properties and shares may be liquidated to repay debts.

Can a company declare bankruptcy?

Companies do not become bankrupt but can undergo processes like winding up, judicial management, and corporate restructuring if insolvent.

What role does the Director General of Insolvency (DGI) play?

The DGI administers bankruptcy cases, managing bankrupt estates, and working to repay creditors from the bankrupt's available assets.

How can creditors reclaim debts from a bankrupt individual?

Creditors need to file a claim with the DGI to participate in the distribution of the bankrupt's estate.

Can a bankruptcy order be annulled?

Yes, a bankruptcy order can be annulled if debts are fully settled, creditors agree to annulment, or if there are grounds such as a defective bankruptcy order.

Are there alternatives to bankruptcy for individuals?

Yes, alternatives include debt restructuring and negotiation, or voluntary arrangements with creditors before reaching bankruptcy.

What happens if a bankrupt individual receives an inheritance?

If a bankrupt individual receives an inheritance, it must be declared to the DGI, and the funds may be used to repay creditors.

Is it possible to start a business while bankrupt?

While bankrupt, starting a new business is possible but comes with restrictions, and the business affairs might be closely monitored.

Additional Resources

For individuals seeking more assistance, the following resources might be beneficial:

  • The Malaysia Department of Insolvency (MDI) provides information and assistance related to managing bankruptcy.
  • The Companies Commission of Malaysia (SSM) can offer guidance related to corporate insolvency.
  • Legal Aid Centers in Kuala Lumpur offer free or affordable legal assistance for those who qualify.

Next Steps

If you find yourself or your business in financial distress, seeking professional legal advice should be your first step. Contact a qualified bankruptcy and debt lawyer in Kuala Lumpur to discuss your situation. Gather all relevant financial documents, such as bills, credit reports, and any correspondence from creditors, to ensure you receive accurate and practical advice. Remember, understanding your options can help you make informed decisions about managing or resolving financial issues.

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Disclaimer:
The information provided on this page is for general informational purposes only and does not constitute legal advice. While we strive to ensure the accuracy and relevance of the content, legal information may change over time, and interpretations of the law can vary. You should always consult with a qualified legal professional for advice specific to your situation. We disclaim all liability for actions taken or not taken based on the content of this page. If you believe any information is incorrect or outdated, please contact us, and we will review and update it where appropriate.