Akta Distres 1951 (Akta 255) & Distress Act 1951 (Act 255) (Hingga 5hb September 2015)

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Akta Distres 1951 (Akta 255) 

Distress Act 1951 (Act 255)
 
 
[Hingga 5hb September 2015]
 

*Note: This book contains both the English and Malay version
*Nota: Buku ini mengandungi kedua-dua versi Bahasa Melayu dan Bahasa Inggeris

Suatu Akta berhubungan dengan distres untuk mendapatkan sewa.

An Act relating to distress for rent.

Detailed Contents Of Akta Distres 1951 (Akta 255) :

The Akta Distres 1951, also known as the Distress Act 1951 (Act 255), is a Malaysian law that governs the process of distress, which is a legal remedy used by creditors to recover their debts. The Act provides for the seizure and sale of the debtor's property as a means of recovering the debt owed.

The following are some of the key provisions of the Act:

  1. Definition of Distress Section 2 of the Act defines distress as the seizure of goods, chattels, or other personal property belonging to the debtor, by a creditor to whom the debt is owed, in order to secure the payment of the debt.

  2. Power to Distress Under section 3 of the Act, a creditor who is owed a debt may exercise the power of distress over the debtor's goods, chattels, or other personal property, by taking possession of them and holding them until the debt is paid.

  3. Notice of Distress Section 5 of the Act provides that before distraining any property, the creditor must give the debtor notice of their intention to do so. The notice must be in writing and must specify the amount of the debt owed, the property to be distrained, and the time and place of the intended distress.

  4. Sale of Distrained Property Section 10 of the Act provides that the distrained property may be sold by the creditor if the debt is not paid within five days of the distress. The sale must be conducted by a public auction, and the proceeds must be applied towards the payment of the debt and the costs of the distress.

  5. Prohibition of Certain Types of Property Under section 11 of the Act, certain types of property are exempt from distress, including the debtor's tools of trade, clothing, bedding, and items necessary for the debtor's personal use and that of their family.

  6. Liability for Excess Section 12 of the Act provides that if the creditor distrains property that is not sufficient to cover the debt owed, the debtor may sue for damages, and the creditor will be liable for any excess.

The Akta Distres 1951 was amended in 2011 to provide for electronic notices of distress, and to allow for the appointment of agents to carry out the distress process.

Akta Distres 1951 (Akta 255) Contains:

Akta Distres 1951 (Akta 255)
Distress Act 1951 (Act 255)
Find more books like Akta Distres 1951 (Akta 255) & Distress Act 1951 (Act 255): Akta/Statutes
ISBN: 9789678922852
 
 

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