PETALING JAYA: The government will enforce new amendments to the Insolvency Act 1967 from tomorrow, says law and institutional reform minister Azalina Othman Said.
Azalina said the Cabinet agreed to the proposed amendments in March following a series of engagement sessions with stakeholders, including the finance ministry, Bank Negara Malaysia, and the Attorney-General’s Chambers.“The enforcement of the Act reflects the government’s commitment to ensuring that no segment of the population is left behind in the country’s development,” she said in a statement.
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Additionally, the obligation of the director-general of insolvency to hold the first creditors’ meeting has been abolished.The Act also reviewed two items that would further safeguard the welfare of bankrupt individuals – the threshold value of a bankrupt person’s assets that can be exempted from distribution among creditors, and the threshold value of qualifying cases, for more simplified administration.
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