Best Bankruptcy Lawyers in Malaysia

Share your needs with us, get contacted by law firms.

Free. Takes 2 min.

Or refine your search by selecting a city:

Ang & Xen
Petaling Jaya, Malaysia

English
Ang & Xen, located in Petaling Jaya, Selangor, Malaysia, is a dynamic law firm offering a comprehensive range of legal services to both local and international clients. The firm's areas of practice encompass Administrative and Constitutional Law, Banking, Finance and Securities, Consumer...

English
Krishna Dallumah & Indran Law Firm, with offices in Kuala Lumpur and Seremban, Malaysia, offers comprehensive legal services to both individuals and businesses. The firm's practice areas encompass trial and appellate advocacy, commercial law, dispute resolution, employment and labour disputes,...

Founded in 2018
50 people in their team
Malay
ABOUT USJeffrey & Co. is established since 1st July 2018 and is a boutique law firm based in Penang situated in the heart of the historical town called Georgetown borne out of idealism, ambition and perhaps some touch of youthful exuberance and having a client base across the nation and growing...
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...
Batu Pahat, Malaysia

English
ML Low & Co, established with a commitment to integrity and excellence, offers comprehensive legal services in both civil and criminal law. The firm specializes in areas such as civil and commercial litigation, family and matrimonial disputes, banking and financial disputes, insolvency and debt...

Founded in 2020
English
Kevin Wu & Associates - Advocates & Solicitors, based in Kuala Lumpur, Malaysia, is a full-service law firm offering comprehensive legal solutions across three core divisions: Corporate Advisory, Dispute Resolution, and Criminal Law. Each division is led by specialists with extensive experience,...
Tan Norizan & Associates
Petaling Jaya, Malaysia

Founded in 2002
English
Tan Norizan & Associates (TANORIZ), established on February 1, 2002, by Tan Lee Eng and Norizan Binti Hj Yaakub, has evolved into the largest law firm in Selangor. Initially recognized for its expertise in real estate law, the firm has expanded its services to encompass banking and finance, dispute...

English
Nadzarin Kuok Puthucheary & Tan (NKPT) is a distinguished law firm with offices in Kuala Lumpur, Penang, and Johor Bahru, strategically positioned to serve clients across Malaysia and the region. The firm offers a comprehensive range of legal services, including Banking & Insolvency Law,...

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...
ATIKAH & ASSOCIATES
Johor Bahru, Malaysia

Founded in 2024
2 people in their team
English
ATIKAH & ASSOCIATES mainly handles sale and purchase transactions (sub-sale and housing developer works), financial documentation, transfer of ownership, post-auction transactions, perfection and discharge of properties, tenancies, wills writing and probate and administration of estate...
AS SEEN ON

About Bankruptcy Law in Malaysia

Bankruptcy in Malaysia is governed by the Bankruptcy Act 1967. It is a legal process that allows individuals or businesses to seek relief from overwhelming debts that they cannot repay. When someone is declared bankrupt, their assets are taken over and managed by a trustee to repay creditors. Bankruptcy can have serious consequences on a person's financial status and credit rating.

Why You May Need a Lawyer

It is advisable to seek legal help in cases of bankruptcy to ensure that your rights are protected and to navigate the complex legal processes involved. A lawyer can help you understand your options, negotiate with creditors, and represent you in court if necessary.

Local Laws Overview

In Malaysia, bankruptcy proceedings are initiated when a creditor files a bankruptcy petition in court against a debtor who owes them more than RM30,000. If the court deems the debtor unable to pay their debts, they may be declared bankrupt. Bankrupt individuals are subject to restrictions on travel, employment, and financial activities. Bankruptcy typically lasts for 5 years, during which the debtor's assets are used to repay creditors.

Frequently Asked Questions

1. What are the consequences of bankruptcy in Malaysia?

Bankruptcy in Malaysia can result in restrictions on travel, employment, and financial activities. The bankrupt individual's assets are managed by a trustee to repay creditors.

2. Can I still own assets if I am declared bankrupt?

Once declared bankrupt, your assets will be taken over by a trustee to repay creditors. However, certain exempt assets such as necessary household items may be retained.

3. How long does bankruptcy last in Malaysia?

Bankruptcy typically lasts for 5 years in Malaysia, during which the debtor's assets are used to repay creditors.

4. Can I still work if I am declared bankrupt?

There are restrictions on certain professions for bankrupt individuals in Malaysia, such as legal, accounting, and financial services. However, you may still be able to work in other fields.

5. Can I apply for bankruptcy voluntarily?

Yes, individuals in Malaysia can file for voluntary bankruptcy if they are unable to repay their debts.

6. Can I challenge a bankruptcy petition against me?

Yes, you have the right to challenge a bankruptcy petition in court by providing evidence that you can repay the debt or that the petition is unjustified.

7. Will my bankruptcy affect my family members?

Bankruptcy does not directly affect your family members' credit rating or financial status. However, joint debts or assets may be impacted.

8. Can I travel overseas if I am bankrupt?

Bankrupt individuals in Malaysia may require permission from the Director General of Insolvency to travel overseas.

9. Can I start a business if I am bankrupt?

There are restrictions on bankrupt individuals starting a business in Malaysia, as they may not act as a director of a company without permission.

10. Can I be discharged from bankruptcy early?

Under certain circumstances, a bankrupt individual in Malaysia may apply for early discharge from bankruptcy, typically after 3 years.

Additional Resources

For further information and assistance with bankruptcy in Malaysia, you can contact the Malaysian Department of Insolvency (MdI) or seek advice from legal aid organizations such as the Bar Council Legal Aid Centre.

Next Steps

If you are facing bankruptcy or considering filing for bankruptcy in Malaysia, it is recommended to consult with a qualified bankruptcy lawyer who can guide you through the legal process and protect your rights. Be proactive in seeking advice and assistance to navigate this challenging situation effectively.

Lawzana helps you find the best lawyers and law firms in Malaysia 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 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.