LAST year, there were 19,588 personal insolvency cases. Simply put, 0.06% of Malaysias population of 32 million were bankrupt.
That, Malaysia Department of Insolvency (MdI) director-general Datuk Abdul Rahman Putra Taha says, is not an alarming figure, although any number of bankruptcy cases is undesirable for any country.
The fact is that as the population grows, the number of bankruptcy cases will increase. But with the amendments we have put in place, we hope the figure will come down, Abdul Rahman tells The Edge in an interview.
For a start, the Bankruptcy Act 1967 is now known as the Insolvency Act 1967, and the Bankruptcy (Amendment) Act 2017 came into force on Oct 6.
In the past, it was easier to declare a person bankrupt. We …
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