Best Bankruptcy Lawyers in Malaysia

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Puchong Batu Dua Belas, Malaysia

Founded in 2017
English
FAAIZ Law, officially known as Messrs Faiz, Adib, Asyraff & Izzuddin, was established in 2017 and has since become a prominent legal firm in Puchong, Malaysia. The firm offers a comprehensive range of legal services, including civil litigation, banking litigation, conveyancing, and Shariah 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,...
P. E. LIM
Petaling Jaya, Malaysia

Founded in 1997
2 people in their team
English
Malay
Messrs. P. E. LIM was founded by its Managing Partner, Ms. Judy Lim Pek Eng, in 1997, as a boutique civil litigation law firm in Petaling Jaya.Throughout her 30 years in legal practice, Ms. Judy has appeared at all levels of the courts in Malaysia.Ms. Judy is regularly engaged as a counsel in...
Messrs K.P Quek & Partners
Malacca, Malaysia

Founded in 2014
English
Messrs K.P. Quek & Partners, established on November 1, 2014, is a distinguished law firm based in Melaka, Malaysia, specializing in criminal defense, bankruptcy, and divorce law. The firm's founder, Mr. Quek Kia Ping, brings over 15 years of legal experience, having been called to the bar on June...
Revathi & Partners (HQ)
Puchong Batu Dua Belas, Malaysia

Founded in 2014
English
Established in 2014 by Revathi Kannan, Revathi & Partners has become a prominent law firm in Malaysia, offering a comprehensive range of legal services. With headquarters in Puchong and a branch in Petaling Jaya, the firm is strategically positioned to serve clients throughout the Klang Valley and...

English
S. E. WONG & CO | ็Ž‹ๆ˜Œๆฅงๅพ‹ๅธˆ้ฆ† | LAW FIRM is a registered law firm with the Bar Council of Malaysia, operating from its office in Muar, Johor. The firm is led by Wong Sang Eng, who was admitted to the Malaysian Bar on September 7, 1990, after obtaining a Certificate in Legal Practice (CLP)....
Chang & Kamarudin (Lahad Datu)
Lahad Datu, Malaysia

English
Chang & Kamarudin (Lahad Datu) is a distinguished law firm located in Lahad Datu, Sabah, Malaysia, offering comprehensive legal services across multiple practice areas. The firm's expertise encompasses Banking & Conveyancing, Real Estate & Land Matters, and Litigation, ensuring clients receive...
Petaling Jaya, Malaysia

Founded in 2008
English
Established in 2008, Saranjit Singh Advocates & Solicitors is a boutique law firm located in Petaling Jaya, Malaysia, offering a comprehensive range of legal services to both domestic and international clients. The firm specializes in sectors such as aviation and shipping, logistics and freight...

Founded in 2014
English
Rao & Co, Advocates & Solicitors, is a boutique legal firm with offices in Melaka and Petaling Jaya, Malaysia. Established on January 1, 2014, by Sugandra Rao Naidu, the firm comprises highly skilled and experienced associates who assist businesses and individuals in diverse litigation matters. The...
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...
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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.