By Karen Bong
KUCHING, Feb 24: A bankrupt person with debt less than RM50,000 and who meets required conditions will be discharged starting March 1, 2023.
Announcing this when tabling the National Budget 2023, Prime Minister Datuk Seri Anwar Ibrahim said bankrupt individuals deserved a second chance.
“As of January, more than 260,000 bankruptcy cases have been recorded, which also involve our children, the majority of whom are Malays who have the potential to contribute to the national economy.
“With that, the Federal government will amend the Insolvency Act 1967 so that bankruptcy cases can be automatically discharged in a short time,” he said when tabling the budget in Parliament, Kuala Lumpur, which was broadcast live today.
Pending the amendment, Anwar added that minor cases with debts of less than RM50,000 who meet the conditions would be released immediately starting March 1.
The government estimated 130,000 people would be discharged from bankruptcy with the amendment’s passage. — DayakDaily
