Bankruptcy Lawyers in Malaysia
Updated on Friday 12th January 2024
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Our bankruptcy lawyers in Malaysia are at your disposal with legal services and advice, if your company is going through difficult times. It is quite important to turn to experts in the field, such as our lawyers in Malaysia, and see what solutions are available to you. In the following lines, you can discover some information about the cases in which such a lawyer can help you.
How can a bankruptcy lawyer in Malaysia help you?
If you go bankrupt in Malaysia, you should have legal services at hand to understand what is best to do in this case. Declaring insolvency in Malaysia is done in certain situations, and one of our Malaysian lawyers can explain to you what can happen in this case:
- He or she can give legal advice to a client about bankruptcy in Malaysia.
- He or she can prepare the legal documents for the client and can represent him/her in a court in Malaysia.
- Being bankrupt in Malaysia requires specific measures. Among these, our attorneys in Malaysia will guide the customer on where to file for bankruptcy.
- With the help of our lawyer, a client will learn the Malaysian bankruptcy amount and how to declare bankruptcy in Malaysia.
- If debts can be reduced or eliminated, there is information that can be provided by one of our experts in the field. Contact us right away if you go bankrupt in Malaysia.
How is the bankruptcy process set in Malaysia?
In Malaysia, bankruptcy is declared when the debtor no longer has money to pay his/her creditors, and in this case, a court order is also issued, following a petition. Properties at risk can be entrusted to the DGI or more precisely to the Director General of Insolvency in Malaysia. Here is other information about solving problems, if you go bankrupt in Malaysia:
- Once the goods are inventoried, they are sold, but the final agreement comes from the DGI.
- Referring to Malaysian bankruptcies amount, one should note that the creditor can file for bankruptcy action against the debtor for more than RM 100,000 in owned debt.
- Debts can be paid off with the money obtained from the sale of goods owned by the company.
If you want to declare bankruptcy in Malaysia, we invite you to talk to one of our lawyers in Malaysia. They can tell you exactly what it means to go bankrupt in Malaysia and what to do in this case. Also, if you want to declare insolvency in Malaysia and find out how this is done, do not hesitate to contact our specialists.
Here are some statistical data about bankruptcy in Malaysia:
- In 2022, around 16 people declared bankruptcy each day, respectively as many registered petitions.
- 40% of those who declared bankruptcy in Malaysia were between 35 and 44 years old. Another 29% of those who were bankrupt in Malaysia in 2022 were over 45 years old.
- 22% of the respondents declared bankruptcy due to business credits that they could no longer pay.
Besides support for bankruptcy cases in Malaysia, you can benefit from the legal services offered by our immigration lawyers in Malaysia if you are thinking of relocating to this country. Thus, the process of immigration to Malaysia can be greatly simplified. You can even apply, with our help, for residency in Malaysia or citizenship in Malaysia. On the other hand, you can also opt for a commercial lawyer in Malaysia and ensure the smooth running of the business, with expert guidance and consulting. Contact us for legal assistance at any time.