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Debt Recovery
Forms and compositions for recovery of debts in this country have been in practice for a long time, current legal rules and regulations affecting debt recovery greatly assist and provide the mode and manner to assist and set in motion the debt recovery process.
Among the debt recovery process currently adopted by creditors are initiating fore closure proceedings in accordance to the provisions of the National Land Code 1965 which basically set out the law on the creation of charges and remedies of charges in the event of default. Whether by sale or by possession and proceeds of sale towards the payment of the outstanding amount due and payable under the loan.
Winding-up or liquidation of companies is another mode of debt recovery process and can be found in the Companies Act 1965 and Companies (Winding-Up) Rules 1972. A here, the winding-up proceedings are initiated where a debtor company is unable to pay its debt as stipulated in the Companies Act 1965. The process starts with an issuance of presentation of a petition to court by a party with a locus standi to do so. Before such presentation of a petition a statutory notice of demand is issued. After the court makes the winding-up order, the rest of the steps in the dissolution and/or liquidation process of the debtor company are governed by the Companies (Winding-Up) Rules 1972. The provisions are extensive and highly technical mode to accommodate various steps and situations in the dissolution process. Thereafter, the affairs of the company are subject to the directions of Official Receiver.
For individuals’ debtors who own money to any creditors, the debt recovery process may be initiated by a normal civil suit for recoveries of monies due and payable. The process begins with an issuance of notice of demand, followed by a filing of a summons and thereafter, obtaining judgment. Execution of judgment against a debtor can be enforced in various manners as stipulated by law. Companies and partnership forms are also subjected to this mode of debt recovery process.
A creditor may also initiate bankruptcy proceedings against an individual and therefore, it is necessary to confirm the amount owing is more than RM 30,000.00. The mode of debt recovery is subject to the Bankruptcy Act 1967 and the provisions are extensive and highly technical made to accommodate various steps and situations in the process of obtaining an Adjudicating Order (A.O) and Recovery Order (R.O) from the courts. Thereafter, upon the granting of the orders, all affairs of the individuals are subjected to the directors and control of the official Assignee.
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Why hassle with the research of the rules and regulations, engage us to conduct on the necessary research just for you.
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