I REFER to the latest bankruptcy threshold of RM100,000 in the recently amended Insolvency Act 1967 (Act 360).
Raising the threshold in order to prevent bankruptcy is only part of the solution. There has to be an effective mechanism to prevent and rescue people from bankruptcy as well.
Although 13 amendments have already been made to the Insolvency Act, this law as a whole needs an overhaul.
Besides annulment, the second chance opportunity of discharge under Sections 33, 33A and 33C of the Act does not differentiate or make any provisions whatsoever for young bankrupts between the ages of 25 and 44.
Furthermore, there is no provision for people who were declared bankrupt prior to 2017.
The second chance for bankrupts to re-start only begins a…
Read the full article at: https://www.thestar.com.my/opinion/letters/2020/08/29/helping-hand-for-bankrupts
