KUALA LUMPUR: Amendments to the Insolvency Act have been unanimously passed via a voice vote by the Dewan Rakyat on Wednesday (May 24).
With the Bill passed, the government is expected to provide more effective administration of bankrupts’ estates in Malaysia and to speedier process to discharge bankruptcy statuses.
Minister in the Prime Minister’s Department (Law and Institutional Reform) Datuk Seri Azalina Othman Said said there was urgent intervention needed by the government as many were declared bankrupt from 2019 until this year.
“The Insolvency Department reported that those from the age of 35 to 44 are the most affected, with 13,073 individuals declared bankrupt.
“I would like to emphasise the element of gender there were more…
Read the full article at: https://www.thestar.com.my/news/nation/2023/05/24/amendments-to-insolvency-act-passed-unanimously