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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| Format: | Proceeding Paper |
| Language: | English English |
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2015
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| Online Access: | http://irep.iium.edu.my/46811/ http://irep.iium.edu.my/46811/4/CIMSSR-00856_GCBSS-Conferences_6.12.15_full_paper_latest_copy.pdf http://irep.iium.edu.my/46811/1/46811.pdf |
| _version_ | 1848783030907305984 |
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| author | Mohamed, Duryana |
| author_facet | Mohamed, Duryana |
| author_sort | Mohamed, Duryana |
| building | IIUM Repository |
| collection | Online Access |
| 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. |
| first_indexed | 2025-11-14T16:14:53Z |
| format | Proceeding Paper |
| id | iium-46811 |
| institution | International Islamic University Malaysia |
| institution_category | Local University |
| language | English English |
| last_indexed | 2025-11-14T16:14:53Z |
| publishDate | 2015 |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | iium-468112016-07-17T21:07:35Z http://irep.iium.edu.my/46811/ Forms of acknowledgement of debt in Malaysia: the legal implications Mohamed, Duryana HG Finance 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. 2015-12-22 Proceeding Paper PeerReviewed application/pdf en http://irep.iium.edu.my/46811/4/CIMSSR-00856_GCBSS-Conferences_6.12.15_full_paper_latest_copy.pdf application/pdf en http://irep.iium.edu.my/46811/1/46811.pdf Mohamed, Duryana (2015) Forms of acknowledgement of debt in Malaysia: the legal implications. In: 3rd Global Conference on Business & Social Science Research (GCBSS- 2015), 16-17 December 2015, Kuala Lumpur, Malaysia. http://www.kualalumpurconference.gcbss.org; http://www.gltrinternational.org/gcbss-proceeding |
| spellingShingle | HG Finance K Law (General) KPG Malaysia Mohamed, Duryana Forms of acknowledgement of debt in Malaysia: the legal implications |
| title | 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_short | Forms of acknowledgement of debt in Malaysia: the legal implications |
| title_sort | forms of acknowledgement of debt in malaysia: the legal implications |
| topic | HG Finance K Law (General) KPG Malaysia |
| url | http://irep.iium.edu.my/46811/ http://irep.iium.edu.my/46811/ http://irep.iium.edu.my/46811/4/CIMSSR-00856_GCBSS-Conferences_6.12.15_full_paper_latest_copy.pdf http://irep.iium.edu.my/46811/1/46811.pdf |