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Translated by
Nazia BIBI KEENOO
Published
March 29, 2025
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PUTRAJAYA: The rising trend of people declaring themselves bankrupt is a concern as it shows many are struggling with severe financial difficulties, says the Insolvency Department director-general Datuk M. Bakri Abd Majid.
In recent years, more people have opted to declare themselves bankrupt through a Debtor’s Petition, a legal process to protect themselves from excessive creditor claims.
Expressing concern over this trend, the Insolvency DG said there were 330 self-declared bankruptcy cases recorded in 2024, compared to 181 in 2023 and 116 in 2022.
“We’re seeing a rise in individuals declaring bankruptcy because they feel that they cannot repay their…
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Insolvency DG warns of rising trend in self-declared bankruptcy The Malaysian Reserve
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“To date, there isn’t much evidence that Breakthrough Victoria will move the dial in a significant way, and there is a good argument for the funding to be redirected towards polices that more effectively achieve that outcome.”
Shiffman, a tech investor and start-up founder, said that rather than using taxpayer money to take equity stakes in start-ups, the government should provide interest-free loans to help companies access the existing research and development tax incentive, as well as office premises for early-stage ventures and payroll tax relief for more established ones.
Business figure Paul Bassat says Breakthrough Victoria should be wound up.Credit: Nicole Reed
“Picking winners with a relatively undefined mandate using a…
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(Bloomberg) — Bankrupt genetic testing firm 23andMe Holding Co. won permission from a judge to try to sell information about customers’ medical and ancestry-related data, a trove that is considered the most valuable asset in the insolvency case — and has become a source of privacy and safety concerns amid the company’s collapse.
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Shares in the company surged on the news, jumping as much as 158% as investors speculated that the bankruptcy could bring in enough cash to pay them something once all of 23andMe’s debts are paid. Under bankruptcy rules, any sale would need to bring in more than the company owes creditors — at least $214 million — before anything could be paid to shareholders.
Under…
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Sources said that Vedanta Group has submitted an Expression of Interest (EOI) to acquire the bankrupt JAL. Adani Group has also submitted an EOI.
Vedanta Ltd is one of the world’s leading natural resources conglomerates, with primary interests in aluminium,…
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THE growing trend of individuals voluntarily declaring themselves bankrupt in Malaysia has become a significant concern, reflecting the financial struggles many are facing in the country.
In a recent statement, Director-General of the Insolvency Department Datuk M Bakri Abd Majid revealed a sharp 200 percent increase in self-declared bankruptcy cases over the past year.
In 2024 alone, 330 individuals filed for…
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A coalition of Santa Maria Valley churches united to eliminate $1.8 million in medical debt for 1,679 residents across Santa Barbara County.
The 12 local churches whose leaders make up the Pastors’ Network of Santa Maria Valley joined forces to bring financial relief to neighbors burdened by medical expenses.
Partnering with Undue Medical Debt, a national nonprofit group, the Santa Maria Valley churches collected donations that allowed buying medical debt at a fraction of the value.
Those whose debts have been erased will be notified via a letter mailed directly by Undue Medical Debt and will owe nothing in return.
“This reflects Jesus’ message of freedom for the burdened,” said the Rev. Israel Gonzales…
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Insolvency DG Warns Of Rising Trend In Self-declared Bankruptcy BERNAMA
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Insolvency DG Warns Of Rising Trend In Self-declared Bankruptcy BERNAMA
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The National Company Law Tribunal (NCLT) Mumbai bench of Hon’ble Reeta Kohli (Judicial Member) and Hon’ble Madhu Sinha (Technical Member) has held that an insolvency application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (the Code) against the corporate guarantor of the corporate debtor cannot be admitted unless the delivery of the demand-cum-guarantee invocation notice is properly established. Only when the delivery is proven can the default on the part of the corporate guarantor be said to have arisen.
Brief Facts:
The Corporate Debtor, Grevek Investments And Finance Private Limited is a Company incorporated under the Companies Act, 1956 and is a Corporate Guarantor for Starwort Engineers Pvt Ltd….
