KUALA LUMPUR - The Insolvency (Amendment) Bill 2023 and the Fees (Department of Broadcasting, Malaysia) (Confirmation) Bill 2023 were tabled for first reading in the Dewan Rakyat today.
The Insolvency (Amendment) Bill 2023 which aims to amend the Insolvency Act 1967 was presented by Minister in the Prime Minister's Department (Legal and Institutional Reform) Datuk Seri Azalina Othman Said.
Communications and Digital Minister Fahmi Fadzil presented the Fees (Department of Broadcasting, Malaysia ) (Confirmation) Bill 2023 which aims to verify the collection of fees in relation to any television programme provided by the Broadcasting Department during the period March 15, 2001 to Feb 28, 2022.
Azalina and Fahmi informed that the bills would be tabled for second reading at this second meeting.
The proposed amendment to the Insolvency Act seeks to provide for a more effective administration of the estate of the bankrupts in Malaysia and to discharge the bankrupts within a short period of time for better contribution to the nation’s economic development.
It also seeks to strengthen the provisions relating to automatic discharge, to dispense with the mandatory requirement of holding the first meeting of creditors and to introduce the use of remote communication technology in bankruptcy administration. - BERNAMA