Kuala Lumpur: 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.
Anwar, who is also the finance minister, said this was an expansion of the “second chance policy” that automatically discharged bankrupts under the age of 40 and with debts of no more that RM50,000 implemented under the Insolvency Act 2023.While tabling Budget 2024 today, he said that as of July 2023, nearly 14,000 cases of bankruptcy with debts under RM50,000 have been discharged from bankruptcy.
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