Insolvency Act 1967 (Act 360) & Rules (As at 20th November 2023) - 9789678930284 - ILBS

INSOLVENCY ACT 1967 (ACT 360) & RULES (FORMERLY KNOWN AS BANKRUPTCY ACT 1967) (As At 20th November 2023) An Act relating to the insolvency and bankruptcy of an individual and a firm and for connected matters. Detailed Contents Of Insolvency Act 1967 (Act 360) : The Insolvency Act 1967 (Act 360) is a law in Malaysia that governs the procedures and processes related to insolvency and bankruptcy. It was enacted to provide for the protection of creditors and debtors, and to facilitate the orderly distribution of assets in cases of insolvency or bankruptcy. The Act contains provisions for the following: 1.Voluntary Arrangements - The Act provides for debtors to enter into voluntary arrangements with their creditors to pay off their debts. The arrangement must be approved by at least three-quarters of the creditors by value of the debt. 2.Bankruptcy - The Act allows creditors to file a bankruptcy petition against a debtor who is unable to pay their debts. The debtor must owe at least RM50,000 in debts, and the creditor must be able to prove that the debtor is unable to pay their debts. 3.Receivership - The Act provides for the appointment of a receiver to manage the affairs of a company that is unable to pay its debts. The receiver is responsible for collecting the company's assets and distributing them to its creditors. 4.Winding-Up - The Act provides for the winding-up of companies that are unable to pay their debts or are no longer viable. The winding-up process involves the liquidation of the company's assets and the distribution of the proceeds to its Insolvency Act 1967 (Act 360) Contains: Insolvency Act 1967 (Act 360) Insolvency Rules 2017 Insolvency (Voluntary Arrangement) Rules 2017 Insolvency (Costs) Rules 1969 Insolvency (Fees) Rules 1969