JOHOR BARU – Bankrupts who fulfil the three criteria set by Putrajaya will be able to send in their applications for assistance from the government beginning March 1.
Minister in the Prime Minister’s Department (Law and Institutional Reforms) Datuk Seri Azalina Othman Said, in a statement today, said that the Insolvency director-general will consider individuals who were declared bankrupt for more than five years, owing amount should be below RM50,000 and the individual should not be facing court proceedings under the Insolvency Act 1967.
“Individuals who fulfil the criteria can make their applications to discharge their bankruptcy at the relevant Insolvency Department which has their records.
“Bankrupts can either walk in or email the relevant branch to check their status,” Azalina said.
Further information can be acquired at the Insolvency Department’s website as individuals are encouraged to access the frequently asked questions pertaining to the discharge of bankrupts under Section 33A of the act.
“The government has the desire to amend the Insolvency Act by making improvements to allow automatic discharge so that individuals can be released from bankruptcy in a shorter period of time,” Azalina added.
During the tabling of the Budget 2023, Prime Minister Datuk Seri Anwar Ibrahim announced that the government aims to give a second chance to individuals who have been declared bankrupt.
The move is set to benefit at least 120,000 bankrupts. – The Vibes, February 27, 2023
