KUALA LUMUR: The Dewan Rakyat passed amendments to the Insolvency Act to increase the bankruptcy threshold from RM50,000 to RM100,000.
The Insolvency (Amendment) Bill 2020 was passed with a simple voice vote in the House.
Minister in the Prime Minister’s Department Datuk Takiyuddin Hassan said the bankruptcy threshold was increased as a responsive move by the government following current issues related to insolvency.
Earlier when tabling the Bill for its second reading, Takiyuddin said four amendments have been done since 1976 to raise the threshold from RM1,000 then to RM50,000 in 2017.
He said raising the bankruptcy threshold over the years had allowed debtors to avoid being declared as bankrupts.
Based on statistics, he said there w…
Read the full article at: https://www.thestar.com.my/news/nation/2020/08/25/dewan-rakyat-passes-amendments-to-insolvency-act-bankruptcy-threshold-now-rm100k-from-rm50k-previously
