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Forms of acknowledgement of debt in Malaysia: the legal implications

Payment of debt is regarded as an obligation and it must be paid according to the terms and conditions of business or loan agreements. Failure to pay debt or to refund the outstanding sum will result with many consequences such as declaration of bankrupt and winding up company. Usually, the debtors...

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Main Author: Mohamed, Duryana
Format: Article
Language:English
English
Published: GATR Enterprise 2015
Subjects:
HF Commerce
K Law (General)
KPG Malaysia
Online Access:http://irep.iium.edu.my/49422/1/GJBSSR_Volume_4_Initial_Pages.pdf
http://irep.iium.edu.my/49422/2/Latest_VERSION_GJBSSR-PDF.pdf
http://irep.iium.edu.my/49422/
http://www.kualalumpurconference.gcbss.org; www.gltrinternational.org/gcbss-proceeding
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spelling my.iium.irep.494222016-07-19T02:53:04Z http://irep.iium.edu.my/49422/ Forms of acknowledgement of debt in Malaysia: the legal implications Mohamed, Duryana HF Commerce K Law (General) KPG Malaysia Payment of debt is regarded as an obligation and it must be paid according to the terms and conditions of business or loan agreements. Failure to pay debt or to refund the outstanding sum will result with many consequences such as declaration of bankrupt and winding up company. Usually, the debtors or borrowers will comply with the terms of the loan agreement. But if they refuse to pay and ignore the request made by the creditor, the latter may proceed with legal action against the debtor. The debtor will normally argue that the action is time barred or the claim is unreasonable. However, if there was an acknowledgement of debt by the debtor, the creditor will rely on the acknowledgement made by the debtor in order to proceed with his claim. Based on court decisions, there are many forms or methods of debt acknowledgement by the creditors in Malaysia. This paper will examine various forms of debt acknowledgement and the legal implications of such acknowledgment. GATR Enterprise 2015-12 Article REM application/pdf en http://irep.iium.edu.my/49422/1/GJBSSR_Volume_4_Initial_Pages.pdf application/pdf en http://irep.iium.edu.my/49422/2/Latest_VERSION_GJBSSR-PDF.pdf Mohamed, Duryana (2015) Forms of acknowledgement of debt in Malaysia: the legal implications. Global Journal of Business and Social Science Review, 4 (1). pp. 283-289. ISSN 2289-8506 http://www.kualalumpurconference.gcbss.org; www.gltrinternational.org/gcbss-proceeding
institution Universiti Islam Antarabangsa Malaysia
building IIUM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider International Islamic University Malaysia
content_source IIUM Repository (IREP)
url_provider http://irep.iium.edu.my/
language English
English
topic HF Commerce
K Law (General)
KPG Malaysia
spellingShingle HF Commerce
K Law (General)
KPG Malaysia
Mohamed, Duryana
Forms of acknowledgement of debt in Malaysia: the legal implications
description Payment of debt is regarded as an obligation and it must be paid according to the terms and conditions of business or loan agreements. Failure to pay debt or to refund the outstanding sum will result with many consequences such as declaration of bankrupt and winding up company. Usually, the debtors or borrowers will comply with the terms of the loan agreement. But if they refuse to pay and ignore the request made by the creditor, the latter may proceed with legal action against the debtor. The debtor will normally argue that the action is time barred or the claim is unreasonable. However, if there was an acknowledgement of debt by the debtor, the creditor will rely on the acknowledgement made by the debtor in order to proceed with his claim. Based on court decisions, there are many forms or methods of debt acknowledgement by the creditors in Malaysia. This paper will examine various forms of debt acknowledgement and the legal implications of such acknowledgment.
format Article
author Mohamed, Duryana
author_facet Mohamed, Duryana
author_sort Mohamed, Duryana
title Forms of acknowledgement of debt in Malaysia: the legal implications
title_short Forms of acknowledgement of debt in Malaysia: the legal implications
title_full Forms of acknowledgement of debt in Malaysia: the legal implications
title_fullStr Forms of acknowledgement of debt in Malaysia: the legal implications
title_full_unstemmed Forms of acknowledgement of debt in Malaysia: the legal implications
title_sort forms of acknowledgement of debt in malaysia: the legal implications
publisher GATR Enterprise
publishDate 2015
url http://irep.iium.edu.my/49422/1/GJBSSR_Volume_4_Initial_Pages.pdf
http://irep.iium.edu.my/49422/2/Latest_VERSION_GJBSSR-PDF.pdf
http://irep.iium.edu.my/49422/
http://www.kualalumpurconference.gcbss.org; www.gltrinternational.org/gcbss-proceeding
_version_ 1643613533673357312
score 13.211869

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