Malaysia legislation
Section 48
Section 48
(a)
shall not comprise the following:
(i)
property held by the bankrupt on trust for any other person;
(ii)
the tools, if any, of his trade and the necessary wearing apparel and bedding and other like necessaries of himself, his wife and children to a value inclusive of tools and apparel and the other things aforesaid *as may be prescribed;
(b)
shall comprise the following:
(i)
all such property as belongs to or is vested in the bankrupt at the commencement of the bankruptcy or is acquired by or devolves on him before his discharge;
(ii)
the capacity to exercise and to take proceedings for exercising all such powers in or over or in respect of property as might have been exercised by the bankrupt for his own benefit at the commencement of his bankruptcy or before his discharge; and
(iii)
subject to the law for the time being in force relating to bills of sale, all goods being at the commencement of the bankruptcy in the possession, order or disposition of the bankrupt by the consent and permission of the true owner under such circumstances that he is the reputed owner thereof.
*NOTE—Previously “not exceeding five thousand ringgit in the whole”–see Insolvency (Amendment)
Act 2023 [Act A1695].
Insolvency 71
(2)
Things in action other than debts due or growing due to the bankrupt in the course of his trade or business shall not be deemed goods within the meaning of this section.
Provisions as to second bankruptcy