WHAT IS BANKRUPTCY ?

Bankruptcy is a way to deal with debts that you are unable to settle as and when they fall due. The bankruptcy proceedings free you from excessive debts allowing you to make a fresh start subject to some restrictions and ensure that your assets are shared out to repay creditors.

A person who has been judged by a law-court to be unable to pay his debts as they fall due is a bankrupt.

Anybody can go bankrupt, including members of a partnership.

WHY THE BANKRUPTCY LAW ?

Bankruptcy law provides for the development of a plan that allows a debtor, who is unable to settle his debts and to pay through the division of his assets among his creditors. Under the supervised division, the interests of all creditors will be treated with some measure of equality.
The courts have had to take account of the existence of companies operating within the jurisdiction that have subsequently become insolvent.
Malaysia's bankruptcy law is based on English law.

IF LOTS OF PEOPLE AND BUSINESSES GO INTO BANKRUPTCY, WHY SHOULDN'T I ?

Take bankruptcy seriously. You do not have to become bankrupt because you are in debt.
Bankruptcy involve the closing down of your business, giving up any possessions of value and your interest in your property and the inability to obtain new credit. You will be subject to certain restrictions. Bankruptcy damages your standing in the community.

Get advice from your lawyer, if bankruptcy proceedings are taken against you or you are thinking of making yourself bankrupt.

If being a bankrupt will not be better off then you were before, why do it ?
Consider alternative to bankruptcy that may produce better result than going into it.

Comments

Post a Comment

Popular posts from this blog

5-Step Plan to Reverse Diabetes

Image
Step 1: Remove These Foods to Reverse Diabetes Naturally Certain foods negatively affect your blood sugar levels, cause inflammation and trigger immune responses. To reverse diabetes naturally, the first step is to remove these foods from your diet: Refined sugar: Refined sugar rapidly spikes blood glucose, and soda, fruit juice and other sugary beverages are the worst culprits. These forms of sugar enter the bloodstream rapidly and can cause extreme elevations in blood glucose. (7) Even though natural sweeteners like raw honey and maple syrup are better options, they can still affect blood sugar levels, so only use these foods on occasion. Your best option is to switch to stevia, a natural sweetener that won’t have as much of an impact. Grains: Grains, especially gluten-containing grains like wheat, contain large amounts of carbohydrates that are broken down into sugar within only a few minutes of consumption. Gluten can cause intestinal inflammation, which affects hormones like
Read more

Does apple cider vinegar help people with diabetes?

Image
Apple cider vinegar may have various health benefits, such as supporting weight loss and managing blood sugar. These benefits could help people with or at risk of diabetes. However, scientific research has not yet confirmed them. Scientists have yet to back up the majority of the health claims around apple cider vinegar with significant clinical research. However, some evidence has emerged to suggest that apple cider vinegar may have particular benefits for the management of diabetes. Diabetes is a chronic condition that leads to an inability to manage blood sugar levels properly. According to the World Health Organization (WHO), in 1980, around 108 million people had diabetes. Its prevalence has significantly increased over the past few decades to an estimated 422 million in 2014. This article looks at the research that links apple cider vinegar and diabetes, as well as ways to take apple cider vinegar effectively. According to scientists, apple cider vinegar has the potential to
Read more

The Dangers of Ego-Driven Spending: A Call for Reality Check

Image
In a world where status and outward appearances reign supreme, it's all too easy to fall into the trap of ego-driven spending. We live in a society where success is often measured by the size of our possessions and the prestige of our lifestyle. As a result, many of us find ourselves chasing after the latest trends and splurging on luxury items in a bid to keep up with the Joneses. But what if I told you that some of the wealthiest individuals in the world eschew ostentatious displays of wealth in favor of a more modest lifestyle? Take, for example, Warren Buffett, one of the most successful investors of all time. Despite his immense wealth, Buffett is known for his frugal habits, driving the same modest car and living in the same unassuming house for decades. Similarly, tech titan Mark Zuckerberg, founder of Facebook, is often seen wearing a simple gray t-shirt and jeans, despite being worth billions of dollars. And then there's Ingvar Kamprad, the founder of IKEA, who fam
Read more