Putrajaya wants to enforce automatic discharge after three years and raise threshold for declaring a person bankrupt from RM30,000 to RM50,000.
PETALING JAYA: Proposed amendments to the Bankruptcy Act 1967 will see an automatic discharge after three years for anyone declared a bankrupt, TheSun reported today.
This is one of the major changes that could significantly reduce the burden on debtors declared bankrupt due to their own borrowings, and that of guarantors for loans taken by others.
Previously, a debtor would have to wait five years before being able to even apply for a discharge in court.
Minister in the Prime Ministers Department Azalina Othman Said told the daily that the draft bill for the proposed amendments to the ac…
Read the full article at: http://www.freemalaysiatoday.com/category/nation/2016/10/28/azalina-bankruptcy-law-changes-to-reduce-debtors-burden/