Best Bankruptcy 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...
Tay & Partners
Kuala Lumpur, Malaysia

Founded in 1989
English
Established in 1989, Tay & Partners is a full-service commercial law firm headquartered in Kuala Lumpur, Malaysia. The firm offers a comprehensive range of legal services to a diverse clientele, including local and multinational corporations across various industry sectors. With a team of over 30...
Ram Caroline Sha & Syah
Kuala Lumpur, Malaysia

Founded in 1973
English
Established in 1973, Ram Caroline Sha & Syah has evolved into a leading Malaysian law firm, renowned for its comprehensive legal services. The firm specializes in intellectual property, general litigation, and conveyancing, serving a diverse clientele that includes multinational corporations from...

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...
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,...
Kuala Lumpur, Malaysia

Founded in 2020
English
Messrs. Choo Dee Wei is a modern, independent legal service provider in Malaysia, known for its creative approach and strong sense of duty. The firm offers a comprehensive range of legal services, including bankruptcy law, family law, consumer law, entertainment law, property law, business law,...
Kuala Lumpur, Malaysia

Founded in 2019
English
Established in January 2019, Messrs Arief & Iskandar is a boutique law firm based in Kuala Lumpur, Malaysia, specializing in corporate and commercial law. The firm is led by Managing Partner Mohd Faiz Iskandar Hamzah, whose areas of practice include commercial and civil litigation, adjudication and...
ANN & ANUAR advocates & solicitors
Kuala Lumpur, Malaysia

Founded in 2004
English
Established in September 2004 through the merger of M/s Johari Nasri & Tan and M/s Anuar & Sarisfuddin, Ann & Anuar Advocates & Solicitors combines decades of legal expertise across diverse disciplines. The firm offers a comprehensive range of services, including commercial, civil, and corporate...
Chua, Tan & Partners
Kuala Lumpur, Malaysia

English
Chua, Tan & Partners is a boutique legal firm based in Kuala Lumpur, Malaysia, offering personalized legal services in residential and commercial real estate transactions. The firm also practices corporate and commercial law, with additional expertise in trademark registration. Prior to...
Foo and Co
Kuala Lumpur, Malaysia

Founded in 2005
English
Established in 2005, Foo and Co. is a distinguished law firm in Malaysia, committed to delivering comprehensive legal services tailored to meet the diverse needs of its clients. The firm's practice areas encompass conveyancing, banking and finance, land law and property matters, property...
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About Bankruptcy Law in Kuala Lumpur, Malaysia

Bankruptcy law in Kuala Lumpur, Malaysia, is governed by the Insolvency Act 1967, which aims to help individuals handle overwhelming debts either by providing a structured path to pay back creditors or, in worst-case scenarios, by declaring bankruptcy. Bankruptcy is a legal status through which an individual is declared incapable of paying off debts totaling RM 100,000 or more. The process can provide relief to debtors by liquidating assets and distributing the proceeds among creditors, allowing for a fresh financial start.

Why You May Need a Lawyer

Throughout the bankruptcy process, individuals may encounter complex legal challenges that require professional assistance. Some common situations that may necessitate legal help include:

  • Unmanageable debt levels exceeding RM 100,000.
  • Harassment and pressure from creditors demanding repayment.
  • Uncertainty about the rights and obligations under the Insolvency Act 1967.
  • Wishing to explore debt restructuring options rather than declaring bankruptcy.
  • Asset protection to avoid liquidating substantial personal or family investments.
  • Receiving a bankruptcy notice without prior acknowledgment of debt amount.

Seeking qualified legal guidance ensures that you understand your options and the implications of bankruptcy declarations within the legal framework of Malaysia.

Local Laws Overview

Bankruptcy law in Malaysia is fundamentally governed by the Insolvency Act 1967. Key aspects include:

  • The minimum debt threshold for initiating bankruptcy is RM 100,000.
  • Only individuals, not companies, can be declared bankrupt under the Insolvency Act.
  • Creditors can initiate a bankruptcy proceeding if debts are unpaid, which may include filing a creditor’s petition in court.
  • Once declared bankrupt, a person must comply with the directives of the Director General of Insolvency (DGI), who manages assets and debts.
  • Bankruptcy can lead to significant limitations, such as restrictions on travel, asset control, and the ability to hold certain professional positions.
  • Bankruptcy may be annulled or discharged through full debt settlement or upon successful application due to circumstances like debt composition arrangements with creditors.

Frequently Asked Questions

What is the minimum debt required to declare bankruptcy in Malaysia?

The minimum debt threshold for initiating bankruptcy proceedings in Malaysia is RM 100,000.

Who can declare bankruptcy?

Only individuals can be declared bankrupt in Malaysia. Companies face a different process known as winding-up.

How does bankruptcy affect my daily life?

Once declared bankrupt, a person faces limitations such as restricted travel, the necessity to report financial activities to the DGI, and possible employment restrictions.

Can bankruptcy be reversed or annulled?

Yes, bankruptcy can be annulled if debts are fully settled or through successful negotiations like debt composition agreements with creditors.

What role does the Director General of Insolvency play?

The DGI oversees the administration of a bankrupt individual's estate, ensuring proper asset management and debt repayment.

How long does bankruptcy status last?

Bankruptcy status can last indefinitely until certain conditions for discharge or annulment are met, generally taking a few years to potentially be resolved.

Can I travel abroad if I am declared bankrupt?

Travel restrictions are imposed on a bankrupt individual, often requiring special permission from the DGI to travel overseas.

Can creditors still pursue me after bankruptcy is declared?

Once bankruptcy is declared, creditors must go through the bankruptcy court and the DGI to pursue any outstanding debts.

What are the alternatives to declaring bankruptcy?

Alternatives include debt restructuring, negotiation with creditors for new repayment terms, or entering a voluntary arrangement with creditors to pay off debts.

Will declaring bankruptcy affect my family?

While bankruptcy is personal, it may indirectly influence familial financial stability due to limits on your financial capabilities during bankruptcy status.

Additional Resources

For more assistance regarding bankruptcy, refer to the following resources:

  • The Malaysian Department of Insolvency offers comprehensive guidance and support for bankrupt individuals.
  • Legal aid centers and non-profit organizations sometimes provide free or low-cost legal advice for individuals facing bankruptcy.
  • Professional legal counselors specializing in insolvency for tailored help in navigating through complex bankruptcy issues.

Next Steps

If you need legal assistance for bankruptcy in Kuala Lumpur, consider taking the following steps:

  • Consult a qualified lawyer specializing in insolvency and bankruptcy law to gain a clear understanding of your rights and options.
  • Prepare all financial documents, including debt statements and assets, for your lawyer’s review.
  • Engage with the DGI office to understand procedural requirements and compliance obligations.
  • Explore alternative debt solutions if available, and weigh the consequences before proceeding with bankruptcy.

Proactively seeking legal advice will help in navigating the situation effectively, allowing for a more strategic approach to resolving financial distress.

Lawzana helps you find the best lawyers and law firms in Kuala Lumpur through a curated and pre-screened list of qualified legal professionals. Our platform offers rankings and detailed profiles of attorneys and law firms, allowing you to compare based on practice areas, including Bankruptcy, experience, and client feedback. Each profile includes a description of the firm's areas of practice, client reviews, team members and partners, year of establishment, spoken languages, office locations, contact information, social media presence, and any published articles or resources. Most firms on our platform speak English and are experienced in both local and international legal matters. Get a quote from top-rated law firms in Kuala Lumpur, Malaysia - quickly, securely, and without unnecessary hassle.

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.