Tuesday, 25 Aug 2020 10:49 PM MYT
Minister in the Prime Minister’s Department Datuk Takiyuddin Hassan, when tabling the bill, said Act 360 was amended based on certain requirements, including transforming existing legal framework into legislation that is more relevant to current needs. Takiyuddin said the bill would have a positive impact, like in giving individuals the chance to strengthen their current economy without constraints arising from bankruptcy actions and to boost economic growth and national development.
Takiyuddin said that now the government has again tabled proposals to amend section 5 of Act 360 to raise the minimum bankruptcy threshold from RM50,000 to RM100,000, and thus make the Act more responsive and comprehensive towards the requirements and current issues regarding insolvency.
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