KUALA LUMPUR, Oct 13 — The automatic discharge of bankrupts announced earlier this year will be expanded next year to those with debts of under RM200,000 as part of Budget 2024,...
While tabling Budget 2024 today, Prime Minister Datuk Seri Anwar Ibrahim said that as of July 2023, nearly 14,000 cases of bankruptcy with debts under RM50,000 have been discharged from bankruptcy. — Picture by Shafwan ZaidonKUALA LUMPUR, Oct 13 — The automatic discharge of bankrupts announced earlier this year will be expanded next year to those with debts of under RM200,000 as part of Budget 2024, Prime Minister Datuk Seri Anwar Ibrahim announced today.
“The implementation of the Second Chance Policy under the Insolvency Act 2023 has also automatically discharged current and backlogged cases that meet the criteria for bankruptcy declaration,” he said in his speech.Minister in the Prime Minister’s Department Datuk Seri Azalina Othman recently announced that the amendments took effect on Oct 6.
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