Bankruptcy Bill gets thumbs up from lawmakers

Nik Imran Abdullah

KUALA LUMPUR: The Parliament today passed the Bankruptcy (Amendment) Bill 2016, which seeks to ease the process of releasing people from their bankruptcy status.

It was passed after members of Parliament voted in favour of the bill during its third reading.

The bill was tabled in the morning by Minister in the Prime Minister’s Department Datuk Seri Azalina Othman Said.

The government has considered eight policy changes in the amendment to the Bankruptcy Act 1967.

The proposals include increasing the minimum debt level for one to be declared bankrupt to RM50,000 from the current RM30,000, granting immunity to social guarantors and implementing a mechanism that will allow debtors to negotiate an arrangement with their creditors before legal proceedings are administered.