KUALA LUMPUR, June 26 A total of 31,140 youth aged 35 and below have been registered as bankrupts from 2014 to May 2023 based on the records of the Malaysian Department of Insolvency (MDI), said Deputy Minister in the Prime Ministers Department (Legal and Institutional Reform) Ramkarpal Singh.
Concerned about the situation, the government has implemented several initiatives including bankruptcy discharge for those declared bankrupt for debts below RM50,000 and meeting the conditions from March 1 this year.
MDI has also amended section 5(1)(a) of the Insolvency Act 1967 (Act 360) through the Insolvency (Amendment) Act 2020 (Act A1624) which was gazetted on October 22, 2020 and came into effect from September 1, 2021.
The amendment aims…
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