KUALA LUMPUR: The enforcement of Insolvency (Amendment) Act 2023 (A1695) will take effect from tomorrow, said Minister in Prime Minister’s Department ...
: The enforcement of Insolvency Act 2023 will take effect from tomorrow, said Minister in Prime Minister’s Department Datuk Seri Azalina Othman.
On March 10, the Cabinet agreed with the proposed amendment to the Insolvency Act 1967 following discussions with stakeholders, including the Attorney-General's Chambers; Office of the Chief Registrar of Federal Court; Finance Ministry; Bank Negara Malaysia; Inland Revenue Board; Employees Provident Fund; Credit Counselling and Debt Management Agency and the Association of Banks in Malaysia.
“The second chance policy aims to discharge up to 130,000 bankrupt individuals within a year after the Act A1695 comes into effect. The number represents half of the cases being administered by the Insolvency Department,” she said.
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