Budget 2023: Bankruptcy status of 130,000 insolvents will be automatically lifted
KUALA LUMPUR - The bankruptcy status for 130,000 insolvents will be automatically lifted on March 1, says Prime Minister Datuk Seri Anwar Ibrahim.
This will be done after the amendment to the Insolvency Act 1967 is approved.
The act will be amended in order for bankruptcy cases to be released automatically in a short period, he added.
In explaining further, Anwar said while waiting for the amendment, cases with debts of less than RM50,000 and fulfilled the conditions, will be released immediately beginning March 1.
"Individuals who are declared bankrupt deserves a second chance. As of Jan, more than 260,000 bankruptcy cases have been recorded.
"It also involves the children, majority of whom are Malays who have the potential to contribute to the national economy," the finance minister said when re-tabling the revised Budget 2023 in Dewan Rakyat on Friday.
