KUALA LUMPUR: Law minister Wan Junaidi Tuanku Jaafar has instructed his officers and the director-general of the insolvency department to come up with a better framework for bankruptcy-related laws in the country.
The law minister said he was not happy with the country’s laws on bankruptcy as they left a stigma on those declared bankrupt.
“We need to relook the laws to remove the stigma that can stop such a person from working and conducting business to earn a living and repay the loans,” he said at a press conference after the Asean Law Ministers Meeting at the Four Seasons Hotel here.
Saying the stigma and current situation did not benefit anyone, he added: “They’re unable to earn a living and will be unable to repay their loans.”
Bankruptcy laws in Malaysia include the Bankruptcy Act 1967 and the Bankruptcy (Amendment) Act 2020.
A bankruptcy proceeding can take place if the amount owed is at least RM100,000. One can also be declared a bankrupt if he or she has committed an act of bankruptcy, such as failing to respond to a judgment debt or bankruptcy notice.
Wan Junaidi also said one of the important issues raised during the meeting was the Asean extradition treaty.
He said detailed discussions were going on regarding the offences to be included for extradition.
Wan Junaidi said such a treaty would enable Malaysians to return and be rehabilitated so that they could re-enter their own society. - FMT
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