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The theories underpinning personal insolvency or bankruptcy law: a legal overview

In Commonwealth countries including Malaysia, when individuals become bankrupt the legal mechanism is the bankruptcy law. Both law and policy on bankruptcy have been subject to long-standing debate. The goal of bankruptcy law, at its core, is effective debt collection. Another important feature of...

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Main Authors: Azmi, Ruzita, Abd Razak, Adilah, Ahmad, Siti Nur Samawati
Format: Article
Language:English
Published: Future Academy 2018
Subjects:
K Law (General)
Online Access:http://repo.uum.edu.my/26225/1/UUMILC2017%20500%20512.pdf
http://repo.uum.edu.my/26225/
http://doi.org/10.15405/epsbs.2018.12.03.49
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spelling my.uum.repo.262252019-07-15T06:55:39Z http://repo.uum.edu.my/26225/ The theories underpinning personal insolvency or bankruptcy law: a legal overview Azmi, Ruzita Abd Razak, Adilah Ahmad, Siti Nur Samawati K Law (General) In Commonwealth countries including Malaysia, when individuals become bankrupt the legal mechanism is the bankruptcy law. Both law and policy on bankruptcy have been subject to long-standing debate. The goal of bankruptcy law, at its core, is effective debt collection. Another important feature of bankruptcy law is for individual debtors who resort to bankruptcy to obtain a discharge as a form of bankruptcy relief or rehabilitation. Discharge is viewed as granting the debtor a financial fresh start. Historically, these two features: to serve as a collective debt-collection device and to protect the interest of the debtors in providing for their discharge, have entered bankruptcy laws at different stages in its development. Whether bankruptcy should concern itself in catering for the creditors’ maximization of return to recover their debts, or to protect the interest of the debtors in providing for their discharge, or to protect the public from culpable bankrupts, resulted in debates on the underlying principles such as the objectives and theoretical foundations of such law. To properly understand the role of such law, it is pertinent to review the theories underpinning bankruptcy law. For this purpose, information was obtained by scrutinizing various secondary data comprising of textbooks, articles from both law and other social science journals. Future Academy 2018 Article PeerReviewed application/pdf en cc_by_nc http://repo.uum.edu.my/26225/1/UUMILC2017%20500%20512.pdf Azmi, Ruzita and Abd Razak, Adilah and Ahmad, Siti Nur Samawati (2018) The theories underpinning personal insolvency or bankruptcy law: a legal overview. The European Proceedings of Social & Behavioural Sciences. pp. 500-512. ISSN 23571330 http://doi.org/10.15405/epsbs.2018.12.03.49 doi:10.15405/epsbs.2018.12.03.49
institution Universiti Utara Malaysia
building UUM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Utara Malaysia
content_source UUM Institutionali Repository
url_provider http://repo.uum.edu.my/
language English
topic K Law (General)
spellingShingle K Law (General)
Azmi, Ruzita
Abd Razak, Adilah
Ahmad, Siti Nur Samawati
The theories underpinning personal insolvency or bankruptcy law: a legal overview
description In Commonwealth countries including Malaysia, when individuals become bankrupt the legal mechanism is the bankruptcy law. Both law and policy on bankruptcy have been subject to long-standing debate. The goal of bankruptcy law, at its core, is effective debt collection. Another important feature of bankruptcy law is for individual debtors who resort to bankruptcy to obtain a discharge as a form of bankruptcy relief or rehabilitation. Discharge is viewed as granting the debtor a financial fresh start. Historically, these two features: to serve as a collective debt-collection device and to protect the interest of the debtors in providing for their discharge, have entered bankruptcy laws at different stages in its development. Whether bankruptcy should concern itself in catering for the creditors’ maximization of return to recover their debts, or to protect the interest of the debtors in providing for their discharge, or to protect the public from culpable bankrupts, resulted in debates on the underlying principles such as the objectives and theoretical foundations of such law. To properly understand the role of such law, it is pertinent to review the theories underpinning bankruptcy law. For this purpose, information was obtained by scrutinizing various secondary data comprising of textbooks, articles from both law and other social science journals.
format Article
author Azmi, Ruzita
Abd Razak, Adilah
Ahmad, Siti Nur Samawati
author_facet Azmi, Ruzita
Abd Razak, Adilah
Ahmad, Siti Nur Samawati
author_sort Azmi, Ruzita
title The theories underpinning personal insolvency or bankruptcy law: a legal overview
title_short The theories underpinning personal insolvency or bankruptcy law: a legal overview
title_full The theories underpinning personal insolvency or bankruptcy law: a legal overview
title_fullStr The theories underpinning personal insolvency or bankruptcy law: a legal overview
title_full_unstemmed The theories underpinning personal insolvency or bankruptcy law: a legal overview
title_sort theories underpinning personal insolvency or bankruptcy law: a legal overview
publisher Future Academy
publishDate 2018
url http://repo.uum.edu.my/26225/1/UUMILC2017%20500%20512.pdf
http://repo.uum.edu.my/26225/
http://doi.org/10.15405/epsbs.2018.12.03.49
_version_ 1644284540805447680
score 13.211869

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