Legal Issues in the Rehabilitation of Abandoned Housing Projects of the Liquidated Housing - Developer - Companies in Peninsular Malaysia
Nuarrual Hilal Md. Dahlan
Universiti Utara Malaysia
August 1, 2011
European Journal of Social Sciences, Vol. 23, No. 3, 2011
Abandoned housing projects is one of the biggest problems in the housing industry in Peninsular Malaysia. Even though since the Independence days in 1957, the Malaysian Government have provided laws and policies to govern housing industry, yet abandoned housing projects problem is still an unsettled issue until today. The real victims are the purchasers themselves. Usually when a housing developer company is wound up, the affair and business of the company are taken over either by the private liquidator or provisional liquidator or the official Receiver (OR) under the Department of Insolvency. The liquidator may rehabilitate the abandoned projects left by the wound up housing developer companies, if the projects are viable for rehabilitation with the approval of the creditors, contributories, the committee of inspection and the court and that there is adequate fund to finance the rehabilitation. Otherwise, if the project is not viable, particularly because there are insufficient funds to run the rehabilitation, the projects may be stalled forever without any prospects for rehabilitation, to the detriment of the purchasers. This article discusses the law and practice in the rehabilitation of abandoned housing projects in Peninsular Malaysia of the wound-up-housing-developer-companies. At the ending part of this article the author proposes certain suggestions for facing the problems of abandoned housing projects of the wound up housing developer companies and their rehabilitation in Peninsular Malaysia.
Number of Pages in PDF File: 18
Keywords: legal issues, abandoned housing projects, rehabilitation, liquidation of companies, Peninsular MalaysiaAccepted Paper Series
Date posted: February 29, 2012
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