KUALA LUMPUR: Fewer Malaysians will be declared bankrupt if proposed amendments to the Bankruptcy Act 1967 are passed as it will protect social guarantors.s
Minister in the Prime Ministers Department Datuk Seri Azalina Othman Said said Malaysia had a lot of social guarantors who were declared bankrupt by the substitute service system currently in place.
A bankruptcy study revealed that more people are liable to be declared bankrupt under this substitute service system.
We need to amend the law to give a chance to those who are served the bankruptcy notice to defend themselves, she said in reply to a question by William Leong (PKR Selayang) in Parliament yesterday.
Azalina is expected to table for second reading the Bill to amend the Bankrup…
Read the full article at: http://www.thestar.com.my/news/nation/2017/03/09/fewer-bankrupt-msians-with-amendments/