The Malaysian government is working to amend the Housing Development (Control and Licensing) Act 1966 (Act 118) to deal with the problem of abandoned housing tasks and safeguard the pursuits of homebuyers. Refund defined that, under the current laws, liquidators appointed by the court to manage the affairs of a growth cannot be held accountable for not completing deserted projects.
Nasir also talked about that liquidators can impose a service payment based on the Companies Winding-up Rules 1972, which varies relying on the complexity of their function in managing the housing venture. This has led to dissatisfaction amongst patrons. To tackle this problem, the ministry is holding engagement sessions with related companies and bodies, such because the Malaysian Department of Insolvency, Accountant General’s Department of Malaysia, and Insolvency Practitioners Association of Malaysia.
These sessions goal to gather insights and find the most effective mechanisms for settling abandoned private housing tasks associated to liquidators, including establishing a uniform fee charge rate and liquidator’s fee..