Gov’t Wants More Malaysians Out Of Bankruptcy, Immediate Release For Those Who Owe Less Than RM50,000
The government wants to release around 130,000 people from the trap of bankruptcy.
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People who are declared bankrupt are entitled to a second chance and the government will make it easier for them to get back on their feet, according to Prime Minister Datuk Seri Anwar Ibrahim.
In tabling the 2023 Budget in Parliament today, Anwar who is also the finance minister said that as of January, more than 260,000 bankruptcy cases have been recorded involving locals, the majority of whom are Malays who Anwar believes have the potential to contribute to the national economy.
To allow those who are bankrupt to bounce back, Anwar said that the government will amend the Insolvency Act 1967 so that bankruptcy cases can be released automatically in a short time.
He also said that small cases that owe less than RM50,000 and who meet the conditions will be released immediately starting 1 March.
With this, according to Anwar, the government aims to release 130,000 people from being bankrupt with the passing of the amendment.
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