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Bankruptcy Act Changes

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asked on Mar 29, 2017 at 21:05
by   Enquirer2017
edited on Apr 16, 2017 at 03:28
 
Azalina: Bankruptcy action against Malaysians ‘last choice’ in proposed law changeBankruptcy Act Changes

Wednesday March 29, 2017

KUALA LUMPUR, March 29 — Bankruptcy proceedings against Malaysians will become a last resort move if Parliament approves proposed changes to the Bankruptcy Act 1967, minister Datuk Seri Azalina Othman Said said today.

Azalina said the Bankruptcy (Amendment) Bill 2016, which was tabled for second reading at the Dewan Rakyat today, is aimed at reducing the bankruptcy rates in the country.

The proposed amendments will make bankruptcy proceedings the “last choice” instead of the first choice in any enforcement of court decisions, she said.

It will also “create an alternative method to bankruptcy proceedings before an individual is made bankrupt.”

“A bankrupt individual who fulfills the criteria for release has the potential to be released faster to stimulate the country's economic growth and development and at the same time creditors would benefit when reasonable contributions are made by debtors,” the de facto law minister said.

The proposed law changes will also simplify bankruptcy proceedings and the process of administering bankruptcy cases, she said.

The amendments will create a society that is wise in managing their finances and more responsible in paying debts owed, as well as ensure creditors are more prudent in providing facilities for loan repayment, she said.

Azalina had said the Malaysia Department of Insolvency is as of this February administering 293,086 active bankruptcy cases nationwide, with Selangor currently accounting for almost one-fifth of the country's bankrupt individuals.

“Out of the total number of bankruptcy cases, Selangor recorded the highest number of bankruptcy cases in the country with 70,817 cases,” she said when tabling amendments to the Bankruptcy Act for second reading.

Noting that 58.57 per cent of bankruptcy cases in Malaysia involve those in the 25 to 44 age group, Azalina said these figures were worrying.

Source: http://www.themalaymailonline.com/malaysia/article/azalina-bankruptcy-action-against-malaysians-last-choice-in-proposed-law-ch
Anyone knows what are the proposed changes mentioned by Minister?
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answered on Aug 4, 2017 at 17:56
by   Enquirer2017
Anyone knows when the new bankruptcy bill will be gazetted and in-force?
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answered on Aug 6, 2017 at 04:44
by   kiki
edited Aug 21, 2017 at 07:22
 
Anyone knows when the new bankruptcy bill will be gazetted and in-force?

The amended bankruptcy law was approved in the Dewan Rakyat on March 29. Then it will be forwarded to the Agung for endorsement. 

The Agung has signed it on 10th May 2017.

It is gazetted (publication) on 18th May 2017 but it is not in force yet.

Check it out at the Attorney- General Chamber's Official Portal of  e-Federal Gazzete.
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answered on Aug 7, 2017 at 11:50
by   Abuali08
edited Aug 21, 2017 at 07:17
 
My bankruptcy case in court is around RM42,000. Will this Act Changes have an impact my case? Anybody know?
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answered on Aug 7, 2017 at 22:37
by   kiki
edited Aug 21, 2017 at 07:18
 
My bankruptcy case in court is around RM42,000. Will this Act Changes have an impact my case?

If you have been served the Bankruptcy Notice before the gazetted date then is no effect to your current on going case.
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