Our partners were featured in the February – March 2017 edition of Asian Property Review:
The proposed amendments to the Bankruptcy Act actually provide for an automatic discharge after 3 years from the date of the submission of the statement of affairs (to be submitted after a bankruptcy order has been made). In order to qualify for an automatic discharge, the bankrupt must satisfy 2 conditions, namely: (a) the bankrupt has achieved the target contribution amount of his provable debt; and (b) the bankrupt has complied with the requirement to render an account of moneys and property to the DGI.
Shawn Ho discussed the proposed amendments to the Stamp Act and how it would affect property purchasers:
With the amendment, purchasers of property directly from developers will need to fork out the ad valorem stamp duty soon after signing of the Sale and Purchase Agreement, instead of having the luxury of waiting until the property is completed. This may cause property speculators who purchase property (in bulk or otherwise) to think twice as the payment of full stamp duty will directly impact their cash outlay. Also, it may now be more costly for purchasers who seek to aggressively flip the property to another purchaser in a sub-sale context within the short time frame before their own purchase is even completed.
You can download the full articles here:
- Malaysia’s proposed new bankruptcy rules allow easier discharge
- Stamp duty changes may end property speculation in Malaysia
These articles were first published on Asian Property Review.