PUTRAJAYA – The number of companies facing winding-up proceedings this year is expected to decrease after the indebtedness threshold was raised from RM10,000 to RM50,000, said Domestic Trade and Consumer Affairs Minister Datuk Seri Alexander Nanta Linggi.
Nanta said when the indebtedness threshold was set at RM10,000, the number of companies facing winding-up proceedings stood at 3,022 in 2018 and 3,545 in 2019.
“The increase in the threshold value shows that the government is always thinking about how to help the people, and in this case the companies need such assistance.
“We believe that by doing this, we are keeping companies from having to face bankruptcy charges,” he told the media here today.
Prime Minister Tan Sri Muhyiddin Yassin had announced yesterday that the indebtedness threshold had been permanently raised from RM10,000 to RM50,000.
The Companies Commission of Malaysia had previously raised the indebtedness threshold from RM10,000 to RM50,000 for April 23 to December 31 last year, to assist companies affected by the Covid-19 pandemic. – Bernama, March 18, 2021
