Forms of acknowledgement of debt in Malaysia: the legal implications

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

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Abstract

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.

Item Type:	Article (Journal)
Additional Information:	1846/49422
Uncontrolled Keywords:	payment; debt; acknowledgement; time barred; forms
Subjects:	H Social Sciences > HF Commerce K Law > K Law (General) K Law > KPG Malaysia
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button):	Ahmad Ibrahim Kulliyyah of Laws > Department of Legal Practice
Depositing User:	Dr Duryana Mohamed
Date Deposited:	04 Feb 2016 09:54
Last Modified:	19 Jul 2016 10:53
URI:	http://irep.iium.edu.my/id/eprint/49422

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