KUALA LUMPUR: The government intends to introduce an alternative provision for debtors to have a voluntary arrangement with the lenders to pay-up their debts prior to being declared bankrupt by the court.
Minister in the Prime Minister’s Department Datuk Seri Azalina Othman Said (pix) said this alternative provision, known as the Individual Voluntary Arrangement (IVA) will reduce the number of bankruptcy cases in Malaysia.
“There are a total of 95,799 people have been declared bankrupt by the insolvency Department from 2012 to August 2016. From the total, some 23,366 are y…
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