Introduction

In this day and age where loans, mortgages, and other forms of financial assistance are frequently sought by persons who have been hard-hit by the Covid-19 pandemic, one may wonder as to what happens when one passes away and has yet to settle their liabilities. A more curious question which infrequently arises in the minds of most people is, what are the consequences if these liabilities exceed their assets when they pass away?

The Covid-19 outbreak has had a significant impact on Malaysian businesses in multifarious facets. The imposition of the Movement Control Order on 16 March 2020, restricted domestic and international travel, and prohibited the operation of non-essential businesses in order to curb the spread of the outbreak.